LeapFrog Strategic Africa Investments (LSAI) is set to acquire a 24 per cent ICEA LION Insurance subject to regulatory approvals.
The investment will be made by Eastern Africa Holdings Limited, a wholly LSAI owned special purpose entity.
LSAI is an investment partnership established in 2016 between LeapFrog Investments and the US based global financial services leader Prudential Financial, Inc. (PFI) that functions as a $350million(Sh37.3 billion) separate managed fund.
ICEA LION Holdings is the non-operating holding company of the ICEA LION Group which is primarily involved in insurance and asset management across East Africa.
The first investment of LSAI was an investment into the Enterprise Group Limited in Ghana concluded in August 2017. The ICEA LION Holdings transaction will its the second investment.
The partnership is expected to support the ICEA LION's strategy of focusing on customer connectivity, growth and innovation, digitisation, development of new products and enhancement of operating synergies throughout its various operations.
