Pan Africa Insurance buys 51pc stake in Gateway

What you need to know:

Pan Africa Insurance launched a Sh561 million deal to buy 51 per cent of Gateway Insurance last year.
A letter from the Company Secretary Emmy to the NSE confirmed the completion of the purchase.

Pan African Insurance Holdings has announced the successful acquisition of a controlling stake in Gateway Insurance Company Limited from minority owners.

The firm launched a Sh561 million deal to buy 51 per cent of the general insurer last year, but did not get all the approvals needed until this year.

A letter from Company Secretary Emmy Wachira Monday to the Nairobi Securities Exchange confirmed the completion of the purchase.

READ: Pan Africa to use dividend cash for Gateway buyout.

READ: Pan Africa issues profit warning on lower NSE returns.

Pan Africa plans to acquire additional shares in Gateway from the estate of the founder, the late Godfrey Wairegi Karuri.

The acquisition gives them a foothold in both life and general insurance.