Chedid Capital Holding acquires Ascoma Group

Chedid Capital Holding, a Lebanese investment company, has acquired the Ascoma Group, a well-established insurance broker in Western and Central Africa. Ascoma remains a minority shareholder with a 20% stake and refocuses its activities on France and Monaco.

The operation confirms Chedid Capital's strategy to create a leading insurance brokerage group in Africa and the Middle East. The transaction is yet to be approved by the regulatory authorities.

Based in Monaco, Ascoma is an international insurance brokerage group that comprises 23 subsidiaries in 21 African countries and an entity in Paris in charge of international business. Ascoma, formerly Faugère & Jutheau, has been present on the African continent for 70 years. The group employs more than 780 people.