Metropolitan Holdings allowed to be majority stakeholder of Cannon Assurance

The competition watchdog (CAK) has allowed the purchase of 66.29% of Cannon Assurance by Metropolitan International Holdings.

The transaction, initiated by Metropolitan earlier this year for an amount of 27.5 million USD, was awaiting for approval.

Already set up in Kenya with Metropolitan Life, the South African group will mainly use Cannon Assurance in the non-life segment.