ICEA Lion Insurance Holdings has entered a partnership with LeapFrog Strategic Africa Investment (LSAI), which will see LSAI acquire 24% shareholding in ICEA Lion. An announcement from ICEA Holdings Chairman James Ndegwa to all staff reveals that the partnership will propel the company’s vision to be a Pan African Insurance and Finance Service Provider.
“…we have entered into an agreement with LeapFrog Strategic Investments (LSAI) which, on completion, will result in LSAI acquiring a 24% shareholding in ICEA Lion Insurance Holdings,” reads a letter from the Chairman.
The deal will allow ICEA to benefit from new capital investment. Further, the company will piggyback on LeapFrog Investments and its partner Prudential Financial Inc to innovate and grow, helping drive its Pan African vision.
The partnership will also focus on growing the group’s long-term strategy by driving customer connectivity, digitization, and growth. Moreover, it will enable ICEA to develop new products and leverage operating synergies. The partnership will also present learning opportunities for staff in the insurance group.
LSAI is a 4-year-old investment partnership that identifies and makes strategic investments in high-quality financial services companies in the continent. It comprises of LeapFrog Investments and Prudential Financial Inc.
Whats in for ICEA Lion
On the one hand, Prudential Financial Inc will help grow ICEA’s financial and insurance services, sharing its wealth of experience in managing over $1 trillion in assets in three continents. On the other hand, LeapFrog Investments will help ICEA develop products for both impact and profitability, bringing its wealth of experience in growth and impact to the table. LeapFrog Investments reachers over 205 million people in 35 countries.
LSAI will invest ICEA through Eastern Africa Holdings Limited, its local special purpose entity.