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Mauritius PE firm Adenia to buy insurance broker Minet
Minet (Mauritius) Holdings Limited is incorporated in Kenya and offers insurance brokerage, consulting, claims management, insurance fraud investigation and pension fund administration services.
Mauritius-based private equity firm Adenia Holdings is set to acquire insurance broker Minet as part of a pan-African deal that also expands its Kenyan portfolio, which includes supermarket chain QuickMart Limited.
Minet (Mauritius) Holdings Limited is incorporated in Kenya and offers insurance brokerage, consulting, claims management, insurance fraud investigation and pension fund administration services.
The insurance broker is among multiple similar businesses across the continent whose parent firm is South Africa’s private equity firm Capitalworks.
The Competition Authority of Kenya (CAK) has authorised the Kenyan component of the transaction, whose value was not disclosed.
“The Competition Authority of Kenya has approved the proposed acquisition of control of Minet (Mauritius) Holdings Limited by Bima Holdings Ltd unconditionally, since the transaction is unlikely to negatively impact competition in market for provision of insurance brokerage and pension administration services in Kenya, nor elicit negative public interest concerns,” the regulator said in a statement.
CAK added that Bima Holdings, a new entity incorporated for purposes of this transaction, is among the businesses owned by Adenia besides QuickMart and ESS Equipment Kenya Limited.
Minet has a pan-African presence, including in Tanzania, Uganda, Malawi, Mozambique and Botswana.
“The proposed transaction involves acquisition of the entire issued share capital of Minet Mauritius by Bima,” the regulator said.
“Bima indicated that the transaction is driven by commercial
considerations across the continent, and not with specific reference to Kenya. On the other hand, Minet Mauritius noted the proposed transaction aligns with its strategy to divest from its insurance brokerage business in Africa and realise gains.”
CAK noted that the deal would not harm competition in Kenya, adding that Minet has many competitors in the key services it offers.
Concerns about market dominance arise when a firm has a market share of more than 50 percent and it is difficult for rivals to join the business.
As of February 2025, Minet had a market share of 4.89 percent in pension administration.
Pension administrators, who are regulated by the Retirement Benefits Authority, provide services such as member enrolment and claims processing.
In the life insurance agency business, Minet held less than one percent of the market in 2023.
“Further, the number of insurance agents has constantly increased from 10,471 in 2019 to 14,648 in 2023 while brokers have steadily increased from 220 in 2019 to 226 in 2023,” CAK said.
The regulator noted that the acquired business will face competition from other market players accounting for over 90 percent market share nationally.
“Therefore, the structure and concentration of the market provision of insurance brokerage and pension administration services in Kenya will not be affected,” CAK said.
“Premised on the foregoing, the proposed transaction is unlikely to substantially lessen or prevent competition in the market for the provision of insurance brokerage and pension administration services in Kenya.”
Insurance firms in Kenya distribute products directly or through intermediaries like insurance brokers and agents. According to the Insurance Regulatory Authority (IRA), in 2023, 49.9 percent of the total industry premium was sourced through insurance agents, 30.3 percent through insurance brokers and 19.9 percent through direct business.
