UK based insurance firm, Linkham Group, has increased its shareholding in Resolution Insurance after the purchase of 100% of the equity holding in the Kenyan insurance company from private equity impact investment firm, Leapfrog Investments. The company did not disclose the value of the deal and other details.
LeapFrog Investments invested Ksh. 1.68b ($US18.7m) for a majority stake in Resolution Insurance in 2015, through its holding company, Resolution Health East Africa Limited.
The acquisition will see Resolution Insurance business gain access to Linkham Group’s financial and insurance networks in Africa and across the globe.
The acquisition is subject to certain closing conditions, including regulatory approvals in Kenya, and is expected to be finalized within this quarter.
Mike Cranfield, Linkham Group CEO said, “This investment lays the foundations for Resolution Insurance to leverage our global scale, resources, capability and efficiency needed to accelerate its growth and contribute to the economic and social prosperity of Kenyans, insurance service providers, policyholders and the local communities.”
“We will bring our expertise in end to end delivery of insurance solutions to the financial services, airline, broker and card payments sector with leading-edge innovation that will challenge industry norms,” he added.
Resolution Insurance was incorporated in 2002 making it the first company to be registered as a Medical Insurance Provider.
The corporation changed from Resolution Health to Resolution Insurance in 2013 and now offers a variety of products namely Medical Plans, Travel Plans, Liability Plans, Property Covers, Motor Covers and all other classes of General Insurance.