Monarch Insurance Company has today 24th May 2021 announced that it has entered into a deal with The Holmarcom Group through its holding company, Holmarcom Insurance Activities, for the acquisition of a majority stake in its capital. The agreement was signed between Mr Jared Kangwana, Chairman & CEO of Kamu Group, and Mr Mohamed Hassan Bensalah, Chairman & CEO of the Moroccan Group, Holmarcom
Subject to the requisite regulatory approvals, Holmarcom Insurance Activities will become the majority shareholder of the Monarch Insurance Company with a stake of 51%, along with Kamu Group and Maisha Bank. The companies did not disclose the value of the amount.
The Monarch Insurance is a composite insurance company (life and non-life) that has been operating in Kenya for over 40 years. The company relies on a team of about 130 employees and a large distribution network that includes, in addition to agents and brokers, 12 branches covering the whole country.
The Holmarcom group has an unmatched depth and breadth of experience in the Moroccan insurance market which is the second largest in Africa and its capital injection into Monarch Insurance will bolster our growth and ambition to become a reference player in Kenya’s insurance industry,” Kamu Group’s Chairman and CEO Mr Jared Kangwana said.
Holmarcom Group chairman and CEO, Mr Mohamed Hassan Bensalah, said with expertise in insurance of more than 40 years, solid fundamentals and a market with strong potential, Monarch Insurance company has real growth prospects in Kenya.
The acquisition is subject to approvals by the Insurance Regulatory Authority and the Competition Authority of Kenya.
The transaction will result in a cash injection to fully capitalize Monarch Insurance Company and unlock funds to drive strategic growth. Holmarcom is the largest private conglomerate in Morocco with a 40-year legacy across Finance, Agro-industry, Real Estate and Distribution & Supply Chain, in Morocco and Africa.
Monarch is a composite insurance company that has been operating in Kenya for over 40 years.
Holmarcom’s listed subsidiary AltantaSanad Assurance in the the Morocco market leader with a market capitalization of $544 million (Dec 2020).
Through the acquisition, Monarch Insurance will benefit from Holmarcom’s subsidiaries product innovation in areas such as health insurance and, in turn, Holmarcom will benefit from Monarch Insurance’s networks and in-market experience.
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