UK based insurance firm, Linkham Group, has announced plans to acquire a stake in Resolution Insurance after purchasing 100% of the equity holding in the company from private equity impact investment firm, Leapfrog Investments, for an undisclosed amount.
LeapFrog Investments invested $18.7million for a majority stake in Resolution Insurance in 2015, through Resolution Health East Africa Limited; the latter’s holding company.
However, the acquisition is subject to certain closing conditions, including regulatory approvals in Kenya, and is expected to be finalized within this quarter. The Insurance Regulatory Authority (IRA) of Kenya gave the parties a nod to follow the transaction to completion.
The acquisition will see Resolution Insurance business immediately gain access to Linkham Group’s financial and insurance networks in Africa and across the globe.
Resolution Insurance has grown to become a tier-two underwriter offering various products from travel plans, medical plans, property covers, liability plans, motor covers and all other classes of general insurance.
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