(Ecofin Agency) - Kenyan businessman Jimnah Mbaru (photo) has sold the 50 million shares he had in Britam Holdings, one of the largest insurers in Kenya, to Swiss Reinsurance Company (Swiss Re), Forbes revealed on April 20, 2019.  

The financial details of this transaction have not been disclosed but the 50 million shares are worth at least $4.4 million based on the average price of Britam Holdings on the Nairobi Stock Exchange.

The transaction consolidates Swiss Re’s position as one of the main shareholders of Britam Holdings with 15.79% of overall stakes. In June 2018, it acquired 13.81% stake in the Kenyan insurance group (from tycoon Peter Munga for $48 million).  

Last year, Britam Holdings’ founders handed over the group’s control to institutional investors. Swiss Re, the International Finance Corporation and AfricInvest hold a combined stake of 40.79% in Britam while the founders hold 39.2%.

Britam Holdings’ market capitalization is about $300 million. Its market share in Kenya is over 20%.