Kenya: Leapfrog announces financial services investment

Posted on: 3 July, 2020 at 11:23 AM

Leapfrog Strategic Africa Investments will acquire a 24% stake in ICEA LION Insurance Holdings Limited, a Kenyan insurer and asset manager.

ICEA LION Holdings is the non-operating holding company of the ICEA LION Group. The group is primarily involved in insurance and asset management across East Africa and comprises the following main operating subsidiaries:

– ICEA LION Life Assurance Company Limited in Kenya

– ICEA LION General Insurance Company Limited in Kenya

– ICEA LION Asset Management Limited in Kenya

– ITSL Trust Company Limited in Kenya

– ICEA LION General Insurance Company (Tanzania) Limited in Tanzania

– ICEA Life Assurance Company Limited in Uganda

– ICEA General Insurance Company Limited in Uganda

– ICEA Asset Management Limited in Uganda.

Leapfrog Strategic Africa Investments is an investment partnership established in 2016 between LeapFrog Investments and the US-based global financial services leader Prudential Financial, Inc. (PFI) that functions as a $350 million separate managed fund. The objective of the LSAI fund is to identify and make strategic investments in high quality financial services companies in selected African geographies. The first investment of Leapfrog Strategic Africa Investments was an investment into the Enterprise Group Limited in Ghana which was concluded in August 2017. The ICEA LION Holdings transaction will be the second investment of the fund.

ICEA LION Holdings identified a strategic partnership with LeapFrog and PFI as being very suitable on account of their deep financial sector knowledge as well as their extensive experience working with financial service firms across the globe. These attributes are expected to provide positive leverage for the group’s customers as well as shareholders, and also benefit the wider insurance sector as new innovations arise and penetration is enhanced.

The partnership is expected to support the ICEA LION Group’s strategy of focusing on customer connectivity, growth and innovation, digitisation, development of new products and enhancement of operating synergies throughout its various operations.

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