Insurance News

Tunde Kehinde, Co-Founder, Africa Courier Express (ACE)

Africa Courier Express (ACE): The app that's beating the traffic in Lagos (Photos)

On the streets of Lagos, motorcycles, cars and daredevil cyclists weave through the lanes, jostling for space to avoid getting stuck in the chaotic traffic jams.

Ebi Atawodi, General Manager, Uber Lagos. Credit: marcopolis.net

Uber Partners First Bank to Offer Loans to Nigerian Drivers

Uber Technologies Inc. is partnering with FBN Holdings Plc’s First Bank Nigeria to provide loans to drivers.

Waves of change - Insurance opportunities in Sub-Saharan Africa - 2016

How insurance is transforming a rapidly growing Sub-Saharan Africa: EY (Infographic, Video & Report)

Sub-Saharan Africa is a diverse region that presents risks, challenges and opportunities for the insurance industry. No “one-size-fits-all” approach is likely to succeed across individual markets and countries.

Sev Vettivetpillai, Partner, Abraaj Group. Credit: M&A Advisor

Dubai-based private equity firm Abraaj readies Nigerian fertilizer and East African insurance deals

Abraaj Group, a Dubai-based private equity firm, is in the final stages of approval for three transactions in sub-Saharan Africa and will probably make further investments in the region before the end of the year, partner Sev Vettivetpillai said on Thursday.

Denis Duverne, Director, Deputy CEO, AXA

AXA expands Africa operations in joint venture with Lloyd's specialty group Chaucer

AXA is targeting the rapidly expanding market for African specialty insurance by partnering with Chaucer, a Lloyd’s specialty insurance group.

Old Mutual shares surge on break-up and bid talk. Credit: Reuters

Old Mutual shares surge on break-up and bid talk

Anglo-South African financial services company Old Mutual said on Monday it was considering all options in a strategic review, with speculation of a break-up and takeover bids for its assets sending its shares soaring.

Private equity firm African Capital Alliance buys 49% stake in Continental Re

Nigerian PE firm African Capital Alliance buys 49% stake in pan-African reinsurer Continental Re

African Capital Alliance (ACA) announced in early February its purchase of a 49% stake in Continental Reinsurance Plc, the largest private pan-African reinsurer outside of South Africa.

Doug Lacey, Partner, LeapFrog Investments

LeapFrog invests in Ghana's UT Life

LeapFrog Investments (“LeapFrog”), a specialist investor in emerging markets announced in January that LeapFrog has acquired a majority stake in UT Life Insurance Company Ltd (“UT Life”), one of the key players in the life insurance sector in Ghana.

South African digital insurance distributor Hepstar raises $2M from UK-based Amadeus Capital

South African digital insurance distributor Hepstar raises $2M from UK-based Amadeus Capital

Cape Town-based digital insurance distribution startup Hepstar announces $2 million funding round from UK-based global technology investor, Amadeus Capital Partners.

Jumia is AIG’s main subsidiary and operates in 11 African markets.

AXA buys 8% stake In Africa Internet Group for €75M ($85M) valuing company at over $1B

French insurance giant AXA announced today it is investing €75-million to take a 8% stake in Africa Internet Group (AIG), one of the continent’s largest e-commerce operations.

Thabo Dloti, CEO, Liberty Holdings

South Africa's Liberty buys control of Ugandan insurer East African Underwriters Limited (EAUL)

South Africa’s Liberty Holdings has bought a controlling stake in a short-term insurer in Uganda for an undisclosed sum, pursuing its strategy of expanding on the African continent.

Prudential Financial and LeapFrog Investments launch $350M investment partnership to access high-growth markets in Africa

Prudential Financial and LeapFrog Investments launch $350M investment partnership to access high-growth markets in Africa

Prudential Financial and LeapFrog Investments announced on Thursday the launch of a $350 million investment partnership to access high-growth markets in Africa.

Carolyn Campbell, Managing Director and Founding Partner, Emerging Capital Partners. Credit: avca-africa.org

African private equity - The bright continent: Carolyn Campbell, MD, Emerging Capital Partners

Last year, a record $4bn (€3.7bn) was ploughed into private equity fundraising in Africa.

Profits and pitfalls on the private equity path into Africa: Hurley Doddy, Co-Founder, Managing Director & Co-CEO of Emerging Capital Partners

Profits and pitfalls on the private equity path into Africa: Hurley Doddy, Founding Partner, Emerging Capital Partners

Africa is home to some of the world’s fastest growing economies and an increasing number of investors believe private equity could prove an effective way in.

Here are the 5 startups chosen at DEMO Africa to pitch in Silicon Valley

Here are the 5 startups chosen at DEMO Africa to pitch in Silicon Valley

One of the continent’s most-talked about startup events, DEMO Africa 2015, recently concluded with five startups chosen to pitch in Silicon Valley.

Hurley Doddy, Co-Chief Executive Officer of ECP and outgoing Chairman of Continental Re. Credit: privcap.com

Private equity firm Emerging Capital Partners exits Continental Reinsurance Plc

Emerging Capital Partners (ECP), an international private equity firm focused on investing across the African continent, along with its investment partners, announces the sale of C-Re Holding Limited to Saham Finances S.A, the insurance arm of Saham Group. C-Re Holding holds a 53.6% stake in Continental Reinsurance Plc, the leading private reinsurance company in Africa, excluding South Africa.

Heinie Werth, CEO, Sanlam Emerging Markets

South Africa's largest insurer Sanlam in talks about acquisition in Angola

Sanlam has started talks about a potential acquisition in Angola, the company’s senior official told Reuters this week, as South Africa’s largest insurer look for new streams of income to offset slowing growth at home.

Bright Africa - The drivers, enablers and managers of investment on the continent: RisCura (Report)

Bright Africa 2015 - The drivers, enablers and managers of investment on the continent: RisCura (Report)

Africa’s investors have become markedly more sophisticated in recent years. They understand that the continent is one of the world’s fastest-growing regions and that populations are young and urbanizing.

Casper Troskie, CFO, Liberty Holdings

South Africa's Liberty to spend up to $80M on two Nigeria deals

Liberty Holdings plans to invest up to $80 million on two deals in Nigeria by year-end, as part of a five-year strategy by South Africa’s No.4 insurer to expand further into sub-Saharan Africa, its chief financial officer said.

Africa Asset Management 2020 - PwC

Africa Asset Management 2020: PwC (Infographics & Report)

Africa presents an exciting opportunity: As wealth continues to increase, more domestic investors emerge, while improvements in regulatory frameworks are enticing foreign investment and distribution.

South African mining billionaire Patrice Motsepe, Founder and Executive Chairman of African Rainbow Minerals

Billionaire Patrice Motsepe and insurance company Sanlam partner to launch $500M private equity fund

Insurance company Sanlam and mining boss Patrice Motsepe’s company Ubuntu-Botho will invest in various industries including mining and financial services.

World's fourth-largest hotelier AccorHotels to open 50 hotels in Angola by 2017

World's fourth-largest hotelier AccorHotels to open 50 hotels in Angola by 2017

AccorHotels has sealed a deal with Angolan insurance and investment company AAA Activos to open 50 hotels in the country by 2017, the French company said, as part of its expansion in Africa.

The Abraaj Group

Abraaj sells stake in Kenyan insurance company UAP Holdings to Old Mutual

Abraaj has exited the East African insurance company UAP Holdings through the sale of its 13.6 per cent stake, the Dubai-based private equity firm said today.

In November of last year, French insurer AXA bought control of Nigeria's fourth-largest insurer, Mansard Insurance.

Africa: A growing insurance market

Low penetration across most African markets spell many opportunities for insurers, but success will depend on their ability to devise strategies to expand their foothold in a continent of 54 immensely diverse economies.

Barclays Africa to move into Kenyan asset management after $29M acquisition of Kenya First Assurance

Barclays Africa to move into Kenyan asset management after $29M acquisition of Kenya First Assurance

Barclays Africa Group plans to move into the asset management business in Kenya this year after reaching a deal on Wednesday to buy a majority stake in insurer Kenya First Assurance Ltd for 2.8 billion shillings ($28.84 million).

Bisi Lamikanra, Partner & Head of Management Consulting, KPMG Nigeria

How the finance sector can drive Africa's economic growth: Bisi Lamikanra, Partner, KPMG Nigeria

The rise of Africa’s financial services sector in recent years has been remarkable.

Ian Kirk, incoming CEO of Sanlam

South Africa's largest insurer Sanlam names insider Ian Kirk as CEO

South Africa’s biggest insurer Sanlam on Thursday named company insider Ian Kirk as its next chief executive, replacing Johan van Zyl after 12 years at helm.

Frank O’Neill, CEO, Swiss Re Middle East and Africa

World's second largest reinsurer Swiss Re in talks for Nigeria acquisition to tap African growth

Swiss Re AG, which has had an African presence for more than 60 years, said it’s in talks with Nigerian insurers to buy minority stakes and benefit from growth in the continent’s largest economy.

Lawrence Nazare, Executive Director, Continental Re

Pan-African Continental Re sees huge growth as Africa's construction booms

Africa’s Continental Re plans to double premium income from its property and engineering business to $80 million over the next five years, as it bets on the continent’s infrastructure boom, its executive director said.

Julian Roberts, Chief Executive Officer of Old Mutual Plc. Photographer: Peter Foley/Bloomberg

Julian Roberts, CEO of Africa's largest insurer Old Mutual, stepping down

Old Mutual Plc’s Julian Roberts is stepping down as chief executive officer of Africa’s biggest insurer and will be replaced by Standard Bank Group Ltd.’s Bruce Hemphill.

Windhoek, capital of Namibia

Namibia: Good Governance Yields Great Returns

I first visited Namibia in late 1999, crossing the Orange River from South Africa and driving a little white Toyota hatchback some 1200 miles north to the Angolan border and back again.

Ivorian Tidjane Thiam lined up to become Credit Suisse's next CEO, in graceful exit from the helm of Prudential

Ivorian Tidjane Thiam lined up to become Credit Suisse's next CEO, becoming 2nd black CEO to lead global bank

Tidjane Thiam, the current chief executive of Britain’s Prudential insurance group, has been lined up to replace Brady Dougan at the helm of Credit Suisse, according to people briefed on the plan.

Johan van Zyl, CEO, Sanlam

South Africa's biggest insurer Sanlam working on $170M of acquisitions in the rest of Africa and other emerging markets

South Africa’s biggest insurer by value Sanlam Ltd (SLMJ.J) is working on acquisitions worth over 2 billion rand ($170 million) in the rest of Africa and other emerging markets, its chief executive said on Thursday.

Runa Alam, CEO, Development Partners International (DPI)

Africa's opportunities far outweigh its risks: Runa Alam, Co-Founder & CEO, Development Partners International (DPI)

Runa Alam is something of a private equity pioneer. Alam co-founded Development Partners International, which she calls the first pan-African private equity firm, in 2007.

Julian Roberts, CEO of Old Mutual

Old Mutual Spends Bulk of Africa War Chest on UAP Stake in Kenya

Old Mutual Plc (OML), which earmarked 4.3 billion rand ($374 million) for acquisitions in Africa, increased its stake in Kenya’s UAP Holdings Ltd., meaning that the insurer has now spent more than half of that war chest.

Chris Kirubi, Chairman of Centum Investment Company

Kenya's Centum to sell insurance firm stake to Old Mutual

Kenya’s Centum Investment Company said it had agreed to sell its 13.75 percent stake in regional insurance firm UAP Holdings to Anglo-South African financial services company Old Mutual.

Old Mutual Offices in Sandton, Johannesburg, South Africa

2014 has witnessed a spate of major insurance deals in sub-Saharan Africa

Following are some purchases or expansion plans by South African and European insurers in sub-Saharan Africa announced in the past three months.

Swiss Re Tower, London, UK: Swiss Re is one of many global insurance companies buying insurers in Africa.

As incomes in Africa rise, African insurers are in vogue and global insurers are buying in

A growing middle class in sub-Saharan Africa is enticing European and South African insurers to buy local firms focusing mainly on life insurance and pensions, in the face of mature markets and strong competition at home.

Luanda, Angola: Angola is one of the countries in which One Re currently operates.

London reinsurer One Re expanding into 38 African countries by 2015

One Re Ltd., the first reinsurer approved under Britain’s “twin peaks” system of financial regulation, said it’s seeking clients across 38 African countries in the next year as growth outpaces developed regions.

AXA

AXA enters Nigerian market, buying Mansard Insurance for $246M

French insurer AXA said on Friday it was entering the Nigerian market by buying the holding company of Mansard Insurance for 198 million euros ($246 million) in cash.

Discovery office in Sandton City, South Africa

South Africa's Discovery to buy out Prudential's stake in U.K. venture Prudential Health

Discovery Ltd. (DSY), owner of South Africa’s largest medical-insurance administrator, agreed to buy the 25 percent of the U.K.’s Prudential Health it doesn’t already own for 155 million pounds ($246 million).

South African Insurers Seen by PwC Looking North for Expansion

South African Insurers Seen by PwC Looking North for Expansion (Report)

Low growth in their home market is pushing South African insurers to look north to Kenya, Nigeria and Ghana for expansion, PricewaterhouseCoopers LLP said, citing a biennial survey of 31 industry executives.