Nicolaas Kruger, Group CEO,MMI Holdings Limited |
The
acquisition of a significant majority stake in Cannon Assurance was concluded
through the International division of the listed South African insurance group,
MMI Holdings Limited, the ultimate holding company of Metropolitan Life
Kenya.
Shareholders
of Cannon have also taken up a significant minority stake in Metropolitan Life
Kenya.
The
merger will see Cannon Assurance and Metropolitan Life Kenya consolidate their
life insurance licenses into one while retaining a standalone short term
insurance license and business.
Commenting
on the development, Nicolaas Kruger, the group CEO of MMI Holdings Limited
said: “We are excited about the successful conclusion of this transaction. This
not only consolidates our presence in the East African market, but is also an
important milestone in our strategic expansion initiatives. We look forward to realising the synergies envisioned; while
Metropolitan Life Kenya brings additional innovative products as well as
technical and distribution skills, Cannon Assurance has a wider presence and a
well-established brand in the Kenyan market.”
MMI,
currently has a presence in 13 African countries. Metropolitan Life Kenya has
operated in Kenya for eight years offering primarily life insurance solutions
to retail and corporate clients.
Mr.
Inderjet Talwar, the founding member and shareholder of Cannon Assurance has
this to say “We are pleased and excited. The wide footprint of MMI’s
International division on the African continent would give us access to their
technical and overall expertise. This, coupled with the financial strength of
MMI Holdings, will give added comfort and stability to our customers and
policyholders. We see the advent of a new dawn on the horizon.”
Established
in 1964, Cannon Assurance has a wide footprint in Kenya with offices in
Mombasa, Nairobi, Nakuru, Nyeri and Thika. Cannon Assurance offers a
comprehensive suite of life and general insurance- and asset management
solutions for both retail and corporate clients. It also offers a Sharia
compliant bouquet of insurance products. Established in 1964, Cannon Assurance
has a wide footprint in Kenya with offices in Mombasa, Nairobi, Nakuru, Nyeri
and Thika.
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