Finance

Kenya: LeapFrog Investments exits Resolution Insurance

Friday, 19 February 2021 17:04
Kenya: LeapFrog Investments exits Resolution Insurance

(Ecofin Agency) - UK-based end-to-end Insurance solutions delivery firm, Linkham Group, will acquire a majority stake in Kenya-based Resolution Insurance. The company agreed to purchase the 100% interest held in Resolution Insurance by LeapFrog Investments for an undisclosed amount. 

 “We look forward to benefiting from Linkham Group’s international experience to streamline the services of the Resolution Group, technology transfer, shared IT and insurance-related infrastructure, business processes, and enhanced underwriting expertise and network,” said Peter Nduati, CEO of Resolution Insurance. 

Once the acquisition is completed, Linkham Group and Resolution Insurance will collaborate to provide digitalized and tailored innovative insurance solutions to customers instead of the traditional product-push approach that has been successful in the past. The current coronavirus pandemic has highlighted the need for insurance companies to digitalize their services. Insurers are now facing pressure to transform both their operating and business models and upgrade their technological capabilities to maintain or grow their market penetration.

As a reminder, LeapFrog Investments in 2004 had acquired a KSh 1.68b ($18.7m) majority stake in Resolution Insurance, through its holding company Resolution Health East Africa Limited to tap into East Africa’s growing insurance sector which was estimated at KSh 180 billion ($2 billion).

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