LONDON: Anglo-South African financial services companyOld Mutual said last week said it had bought a 23.3 per cent stake in Kenyan insurer UAP Holdings for $97.6 million.
Following are some purchases or expansion plans by South African and European insurers in sub-Saharan Africa announced in the past few months.
January 9, 2015: Anglo-South African financial services company Old Mutual buys 23.3 percent stake in Kenyan insurer UAP Holdings.
The acquisition is in line with Old Mutual's aim of expanding its business in Sub-Saharan Africa, where it has previously spent 700 million rand of a 5 billion rand programme to acquire businesses, focusing on Ghana, Kenya and Nigeria.
November 28, 2014: French insurer AXA buys control of Nigeria's fourth-largest insurer, Mansard Insurance.
November 27, 2014: Launch of One Re, London-based but Africa-focused reinsurance company (www.onere.com).
November 5, 2014: South African financial services advisory firm Alexander Forbes says it is considering potential buys in countries including Ghana and Tanzania.
October 8, 2014: Swiss Re buys minority stake in Kenya-based insurance group Apollo Investments.
October 8, 2014: South African insurer Liberty Holdings says it is in final stages of buying an asset manager in Ghana and is also looking to Ethiopia, Rwanda and Nigeria for potential deals
October 2, 2014: South African insurer Sanlam acquires 40 per cent stake in non-life unit of Ghana's Enterprise Insurance Company, has nearly $300 million for expansion in Africa and India
September 9, 2014: LeapFrog Investments launches its second African and Asian financial services fund. Investors in the $400 million fund include AXA, Switzerland's Zurich Insurance and US insurer AIG.
September: British insurer Prudential buys Kenyan life insurer Shield Assurance. This follows the acquisition of Express Life in Ghana, which completed earlier this year.
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