ICEA Lion Insurance Holding announced that it has entered into an agreement with LeapFrog Strategic Africa Investment (LSAI) which will acquire a significant stake of 24 percent shareholding in ICEA Lion.
Under the terms of the agreement, ICEA will benefit from new capital investment to helping drive its Pan African vision.
“We have entered into an agreement with LeapFrog Strategic Investments (LSAI) which, on completion, will result in LSAI acquiring a 24% shareholding in ICEA Lion Insurance Holdings,” reads a letter from ICEA Holdings Chairman James Ndegwa to staff.
The partnership will also focus on growing the group’s long-term strategy by driving customer connectivity, digitization, and growth.
According to LeapFrog Africa, it invests between $10m and $50m in capital, and actively invest their knowledge and experience. “This enables LeapFrog companies to achieve new levels of growth, profitability and impact.”
In addition, it will enable ICEA to develop new products and leverage operating synergies.
Recently, Eastern Africa Holdings received approval from the Competition Authority of Kenya (CAK) to acquire 24.1 percent of ICEA Lion Insurance Holdings.