Morocco insurer plans to rollout labs in Kenya after acquisition
Saham Group bought 66.7pc stake in Mercantile Insurance. The firm will set up clinical laboratories to replicate its model in Morocco. FILE
Morocco’s Saham Group plans to open a chain of medical laboratories in Kenya as part of its diversification strategy after acquiring a 66.7 per cent stake in Mercantile Insurance.
The Casablanca-based financial services firm said it will set up clinical laboratories, polyclinics, diagnostic centres, dental offices, radiology, imaging units and nursing homes for the elderly to replicate its model in Morocco.
Saham Group said its entry into healthcare provision will help grow its medical and life insurance business by integrating support services to exploit growing demand for healthcare in the region.
“Kenya’s private healthcare is one of the most developed in the region and we want to set up diagnostic centres here,” said Gianluca Marcopoli, managing director in charge of audit and risk at Saham Group.
“The health sector in Africa offers great growth opportunities and we’re in talks with some existing players,” Mr Marcopoli said yesterday when he unveiled Mercantile as Saham Assurance.
The Pandit family, that once owned EABS Bank, sold off their majority stake to Saham Group in January last year to comply with regulatory requirements which bar individuals from owning more than 25 per cent of an insurance company.
Saham reckons the emerging shift from infectious to non-communicable diseases such as cancer and diabetes, due to lifestyle changes, has created demand for specialised tests and treatment.
The facilities will tap into the thousands of Kenyans who are forced to travel to India in search of health services.
Mr Marcopoli said the company was also eying health management opportunities where it runs hospitals on behalf of investors for a fee.
Saham’s entry into Kenya’s healthcare business comes after Indian firm Metropolis Healthcare acquired two outlets of Star Biotech Labs at Sh40 million last August.
The Mumbai-based chain of medical laboratories said it will spend a further Sh250 million to acquire five additional labs in Kenya and expand into the EAC bloc.
Saham was founded in 1995 and has interests in insurance, business process outsourcing (BPO), healthcare and real estate and operates across 23 countries in Africa and the Middle East.
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