The local Sanlam Group affiliate has welcomed the completion of a US $1billion corporate acquisition of the North Africa headquartered insurance firm, Saham Finances.
The deal at a US$1050 million consideration, allows the Sanlam Group to become a truly Pan-African insurance, investment and ancillary services group, able to service multi-national clients and their intermediaries more effectively than any other group operating across the continent.
Sanlam Kenya is part of the Sanlam Group and operates under the Sanlam Emerging Markets (SEM) business cluster which will also cover Saham Finances moving ahead.
The acquisition, subject to regulatory approvals announced last week and billed as the single largest insurance firm transaction in Africa, will not affect Sanlam Kenya’s local operations and will only serve to enhance the firm’s service delivery capacity.
“Our clients can now enjoy the added advantage of knowing that we have sufficient scale to cover their needs as we belong to the Sanlam Group; Africa’s largest non-bank financial services provider.” George Kuria CEO Sanlam Kenya