Kenya: Equity firm LeapFrog Investments plans to invest Sh1.68 billion ($18.7million) for a majority stake in Resolution Insurance, through its holding company, Resolution Health East Africa Ltd.
In a statement yesterday, LeapFrog partner Dominic Liber said Resolution Insurance is a strong and growing business, with a good management team. "In a short time, Resolution Health has grown to become Kenya's fourth largest health insurer and positioned itself as a rising star in East Africa's fast-expanding health insurance space," said Liber.
"Our investment positions Resolution Insurance to take the next leap in its growth, and we look forward to working with them to expand their reach in health insurance and beyond."
LeapFrog Investments is among the world's largest private equity investor in emerging markets financial services. Resolution Health East Africa Ltd is the holding company for Resolution Insurance with operations in Kenya and Tanzania and in partnership with IAA-Resolution in Uganda.
"We are excited to partner with LeapFrog for our next stage of growth. We believe that LeapFrog's dedicated operational investing approach, strong track record in health insurance, and emerging consumer expertise will add tremendous value. Importantly, LeapFrog shares our entrepreneurial ethos and commitment to financial inclusion," said Resolution Insurance Chief Executive Peter Nduati.
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The deal, which is undergoing final regulatory processes, marks LeapFrog's second investment in Kenya. Last month, the company announced the sale of its stake in Apollo Investments Ltd, one of the top three regional insurers in East Africa, to Swiss Re.
