UK-based global insurance solutions provider Linkham Group will acquire a majority stake in Resolution Insurance after agreeing to purchase 100 percent of the equity holding of LeapFrog Investments, a private equity firm backed by US billionaire investor George Soros and JP Morgan for an undisclosed sum.
The firms said Thursday the agreement is subject to certain closing conditions, including regulatory approvals in Kenya, and is expected to complete within this quarter.
The firms said in a statement that the Insurance Regulatory Authority (IRA) of Kenya has given them a nod to progress the transaction to completion.
Leapfrog acquired a majority stake—whose size was not disclosed— in the Kenyan firm in 2014, paying $18.64 million (Sh2.04 billion).
Resolution Insurance was founded by businessman Peter Nduati in 2002 as a medical insurance provider in Kenya. The company changed its name from Resolution Health to Resolution Insurance in 2013 as it expanded into East Africa.
“We look forward to benefiting from Linkham Group’s international experience to streamline the services of the Resolution Group, technology transfer, shared IT and insurance-related infrastructure, business processes and enhanced underwriting expertise and network,” said Mr Nduati.
Linkham Group was founded in 2007, and has operations in South Africa, Mauritius, the UK and Ireland.
Mr Raimund Snyders, a partner at LeapFrog Investments said the exit marked an important milestone for the Africa and Asia focused PE firm, which has over Sh50 billion of assets under management around the world.