Absa exits Kenyan insurance after selling its full First Assurance stake
First Assurance Investments has taken full ownership of First Assurance Holdings after buying Absa Group's 100 percent stake. Business Daily put the buyout at KSh 3 billion and described the buyer as a Mudavadi group.
Absa Group no longer owns any part of its Kenyan insurance business. First Assurance Investments Limited has completed the purchase of Absa's entire stake in First Assurance Holdings Limited, Capital FM and People Daily reported. According to Capital FM, the deal was announced on Monday. It followed regulatory approval and the usual completion conditions. The holding company controls two insurers: First Assurance Company Limited and Absa Life Assurance Kenya Limited. People Daily said the shares came from Absa Financial Services Africa Holding Proprietary Limited and Absa Insurance Company Limited. Business Daily valued the buyout at KSh 3 billion and described the buyer as a Mudavadi group. The available reports give no further detail on the price or the buyer's owners. Both insurers are getting new…
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