Moroccan Holmarcom group acquires majority stake in Kenyan insurance company

Moroccan Holmarcom Group has bought a 51 pc stake in Kenya’s Monarch Insurance Company for an undisclosed sum. The transaction, which is subject to approval by Kenya’s competent authorities, will enable Holmarcom to become the majority shareholder along with Kamu Group and Maisha Bank.

The Moroccan private group operates in finance, insurance, agribusiness, distribution, logistics and real estate. It is already present in three African countries: Senegal, Côte d’Ivoire, and Benin.

The Monarch Insurance company, which is owned by Monarch group, provides both life insurance and non-life insurance (such as property, motor or travel insurance). It has been operating in Kenya for over 40 years. It employs 130 people and has twelve 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,” said Kamu Group’s CEO Kangwana.

For his part, Mohamed Hassan Bensalah, CEO of the Moroccan group, said “With an expertise in insurance of more than 40 years, solid fundamentals and a market with strong potential, we are convinced that the Monarch Insurance Company has a real growth prospects and we are delighted to be able to be part of its evolution.”