Pan Africa Insurance Holdings has completed the acquisition of 51% of Gateway Insurance capital for 560.9 million KES (5.9 million USD).
"The acquisition of Gateway, a well established brand in the field of non life insurance with a strong presence throughout the country, is in line with the Pan Africa Insurance's development strategy." commented John Simba, chairman of the board of Pan Africa.
According to him, the insurance penetration rate which is particularly low in the country (3.5%) forecasts great opportunities and makes a timely return of the group in the segment of life insurance.
The structure of Pan Africa should occasionally be modified with CEOs for each of the life, property and asset management segments while Mugo Kibati, newly appointed CEO of the group, will drive the whole.
It is worth reminding that in 2014, the group controlled by Sanlam, achieved a turnover of 5.2 billion KES (58.4 million USD) and a net profit of 871 million KES (9.7 million USD).