German investor enters Zep Re’s capital

The German public investor DEG acquired 11% stake of Zep Re’s capital for an estimated amount of 1.3 billion KES (15.2 million USD). This stake acquisition was made by diluting the shares of other shareholders.
Kenya Re, Zep Re’s majority shareholder, saw its shareholding dwindle from 21% down to 16% after the entry of DEG and the African Development Bank in 2012. The bank had then acquired 14 % of the reinsurer’s capital.