The new investors include Aureos Africa Fund L.L.C, AfricInvest Fund II L.L.C and AfricInvest Financial Sector Fund. Swedfund International AB also acquired some stakes in the new deal that now puts the value of the company at Ksh11.7 billion($137.64million).

Kenya’s insurance sector has witnessed increased interests from foreign investors, with Africa Development Corporation, a Germany-based Investment Company, buying a 25 per cent stake in medical insurance provider Resolution Health for Ksh184 million ($2.1 million) in January this year.

South Africa-based Sanlam Ltd through its local subsidiary said it had received approval from the CMA to increase its shareholding in Pan African Insurance from 50 to 60 per cent. Sanlam said it would acquire 9.6 million shares of the NSE listed insurer valued at Ksh300 million ($300million) from current shareholders.

The acquisition of UAP shares will now reduce Joe Wanjui’s shares from 39 to 21 per cent as required by law. The law prohibits a single individual from owning more than 25 per cent of an insurance company.

The Insurance company is slowly getting into the real estate market with developments in South Sudan and Uganda.

Courtesy: The East African