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.
Metropolitan has branches in Mombasa, Kisumu and Busia.