NAIROBI, Kenya, April 28 – The Competition Authority of Kenya (CAK) has approved a 65 percent acquisition of Takaful Insurance of Africa Limited’s issued share capital by Tamini Insurance S.A., a private limited liability company incorporated in Djibouti.
CAK says that the approval is unlikely to negatively impact general insurance services competition.
“The proposed transaction involves the acquisition of 65% of the issued share capital in Takaful Insurance of Africa Limited by Tamini Insurance S.A. The transaction qualified as a merger within the meaning of sections 2 and 41 of the Competition Act Cap 504 of the Laws of Kenya,” CAK said in a notice today.
“The Act stipulates that a merger, or takeover, may occur when an undertaking directly or indirectly acquires control over another business within Kenya. This may happen through, among others, purchase/lease of shares, exchange of shares, vertical integration.”
Kenya had 61 insurance and reinsurance companies registered by the IRA in 2023, comprising 32 underwriters conducting general insurance business and 20 into long-term insurance business, among others.
Some of the licensed insurance entities being AAR Insurance, AMACO, AIG Kenya, APA Insurance, Britam, Cannon General Insurance, CIC General Insurance, and Corporate Insurance Company.
