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Kenyan broker sells stake to French insurer buys

ocholi

Herbert Ocholi, Koolridge founder and CEO. FILE PHOTO | NMG

Kenyan insurance broker Koolridge Insurance Brokers has sold a 40 percent stake to Paris-based, Africa-focused brokerage firm Olea Insurance Solutions for an undisclosed amount.

Koolridge Kenya founder and chief executive Herbert Ocholi said the firm had changed its name to Olea Kenya Insurance Brokers giving Kenyan businesses access to Olea’s Africa-wide online platform.

“This rebranding is necessary because it reflects our new identity and association with Olea that has a presence in 35 African countries via 14 subsidiaries in different countries and partners in another 21 African countries,” he said.

The development, said Mr Ocholi, promotes intra-Africa trade where manufacturers and traders enjoy a single insurance solution for their cargo transiting through several countries to their destination. Olea said their entry into Kenya was informed by the crucial Mombasa Port that serves the Anglophone zone countries.