Mauritius based Linkham Group has confirmed the completion of a deal for a majority stake in Resolution Insurance Kenya.
This comes after purchasing 100 per cent of the equity holding in the company from private equity impact investment firm, Leapfrog Investments, for an undisclosed amount.
LeapFrog Investment had in 2015 invested $18.7 million (about Sh2 billion) for a majority stake in Resolution Insurance, through Resolution Health East Africa Limited, the holding company.
The acquisition undertaken at an undisclosed consideration will see Linkham Group invest significant resources to revamp and fuel Resolution Insurance Kenya growth plans, said a statement released yesterday.
Linkham Group has appointed the general insurance services provider founder, Peter Nduati, as the new Resolution Insurance Kenya CEO.
He will also continue acting as the Resolution Group Chief Executive officer.
Resolution Group runs Resolution Insurance Kenya, Resolution Tanzania and Resolution Credit Limited.
Linkham Group CEO Michael Cranfield said the acquisition is part of the firm's Africa expansion plans.
"The Linkham Group confirms that we have completed the acquisition of Resolution Insurance Kenya,," Cranfield said.
He said plans are at an advanced stage to optimise Resolution Insurance's operating potential through the integration of “robust information technology systems” while focusing its business portfolio on growth lines.
Linkham Group provides global Insurance Solutions for the travel, financial services and card payments industries.
The firm controls operating subsidiaries providing specialist services, including Linkham Risk, Linkham Consulting, Linkham Technology, Linkham Claims, Linkham Brokers and Linkham Assistance.
Resolution Insurance was founded in 2002 by Nduati as a medical insurance provider in Kenya, changing its name from Resolution Health to Resolution Insurance in 2013 as it expanded into East Africa.
The firm has grown to become a tier-two underwriter offering various products from medical plans, travel plans, liability plans, property covers, motor covers and all other classes of general insurance.
