Shares
Monarch Insurance has announced its deal with the Holmarcom Group through its holding company, Holmarcom Insurance Activities, for the acquisition of a majority stake. The agreement was signed between Mr. Jared Kangwana, Chairman and CEO of Kamu Group, and Mr. Mohamed Hassan Bensalah, Chairman and CEO of Holmarcom.
The acquisition is subject to approvals by Kenya’s Insurance Industry regulator, the Insurance Regulatory Authority and the Competition Authority of Kenya. After the necessary approvals, Holmarcom Insurance Activities will become the majority shareholder of the company with a stake of 51%, along with Kamu Group and Maisha Bank.
The Monarch Insurance is a composite insurance company and has been operating in Kenya for over 40 years. The company has about 130 employees and a large distribution network that includes agents, brokers and 12 branches countrywide.
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