Resolution Health East Africa Limited is the holding company for leading East African general insurer Resolution Insurance with operations in Kenya and Tanzania and in partnership with IAA-Resolution in Uganda/FILE
The deal, which is undergoing final regulatory processes, marks LeapFrog’s second major transaction in Kenya. In October it announced the sale of its stake in Apollo Investments Limited, one of the top three regional insurers in East Africa, to Swiss Re.
“Our investment positions Resolution to take the next leap in its growth, and we look forward to working with them to expand their reach in health insurance and beyond,” LeapFrog partner Dominic Liber said.
Resolution Health East Africa Limited is the holding company for leading East African general insurer Resolution Insurance with operations in Kenya and Tanzania and in partnership with IAA-Resolution in Uganda.
“We are excited to partner with LeapFrog for our next stage of growth. We believe that LeapFrog’s dedicated operational investing approach, strong track record in health insurance, and emerging consumer expertise will add tremendous value. Importantly,” Resolution CEO Peter Nduati, said.
LeapFrog recently raised a new Sh36 billion fund for investing in financial services businesses in Africa and Asia with about Sh9 billion of this fund earmarked for investment in East Africa.
The company also has investments in insurance underwriters and distributors in countries such as Ghana, Nigeria, South Africa and India with the group’s portfolio of companies currently reaching over 22 million people across 16 countries.
Liber noted that insurance in East Africa is a high potential market, estimated to be Sh180 billion.
“There is a major opportunity to extend access to health and diversified insurance to millions of low-income emerging consumers across East Africa, leveraging Kenya’s strategic position as a regional leader and gateway in,” he said.
