The British-American Investments Company (Britam) acquired 99 percent of Real Insurance under a deal involving cash and share exchange valued at US$15.74 million, the group said Wednesday in Kenya.
Britam, listed on the Nairobi Stock Exchange, now controls several assets so far owned by Real Insurance Tanzania, Malawi and Mozambique in the latter case the subsidiary Real Companhia de Seguros.
The British-American Investments Company in late 2013 had a 4.4 percent share of the insurance market in Kenya while Real Insurance controlled 3.1 percent, according to the Association of Kenya Insurers.
In a statement announcing the deal, Britam said Real Companhia de Seguros, for example, “will come out stronger from its integration into the company because it has a solid financial base, modern computer systems and more innovative products.”
Britam is a diversified financial group with interests in several countries in East Africa and activities in insurance, asset management, investment banking and furniture. (macauhub/MZ)