Connect with us

Hi, what are you looking for?


Metropolitan Life merges with Cannon Assurance

NAIROBI, Kenya, Feb 10 – Metropolitan Life Kenya has merged its operations with Cannon Assurance Limited and will now be called MetropolitanCannon as they seek to increase their market share in the country.

This follows a successful acquisition of 66 percent stake in Cannon Assurance by a South African company, MMI Holdings that also owns a majority stake at Metropolitan Life.

The merger will see both companies consolidate their life insurance licenses into one while retaining their stand alone short-term insurance license and business.

MMI Holdings Group Chief Executive Officer Blum Khan says the merger consolidates their market in the East African region and strategic in their expansion plans.

“We look forward to realising the synergies envisioned while Metropolitan Life Kenya brings additional innovative products as well as technical and distribution skills, Cannon Assurance has a wider presence and a well established brand in the Kenyan market,” he said.

Cannon Assurance offers life, general insurance and asset management solutions for both retail and corporate clients and has major presence in Kenya with offices in Mombasa, Nairobi, Nakuru, Nyeri and Thika.

The firm’s life insurance business has an asset base of Sh1.62 billion and general insurance business asset base of Sh3.25 billion.

“The board sees an accelerated growth opportunity for MetropolitanCannon in the Kenyan economy as the middle class continues to grow steadily,” said Cannon Assurance Chairman Inderjit Talwar.

Metropolitan Life is a subsidiary of MMI Holdings, a South African Insurance based financial services company listed at the Johannesburg Stock Exchange and offers a range of new generation life, investment and retirement products.

Advertisement. Scroll to continue reading.

Metropolitan has branches in Mombasa, Kisumu and Busia.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...