Moroccan conglomerate Holmarcom Group, through its holding company, Holmarcom Insurance Activities, has acquired a majority stake in Kenya’s Monarch Insurance Company —a firm associated with a Kanu-era business tycoon, Jared Kangwana for an undisclosed sum.
The firms said Monday the agreement which is subject to certain closing conditions, including regulatory approvals in Kenya is expected to see Holmarcom Insurance Activities become the majority shareholder of the company with a stake of 51 percent along with Kamu Group and Maisha Microfinance Bank.
