The acquisition of a significant majority stake in Cannon Assurance was concluded through the International division of the listed South African insurance group, MMI Holdings Limited, the ultimate holding company of Metropolitan Life Kenya.
Shareholders of Cannon have also taken up a significant minority stake in Metropolitan Life Kenya.
The merger will see Cannon Assurance and Metropolitan Life Kenya consolidate their life insurance licenses into one while retaining a standalone short term insurance license and business.
Commenting on the development, Nicolaas Kruger, the group CEO of MMI Holdings Limited said: “We are excited about the successful conclusion of this transaction. This not only consolidates our presence in the East African market, but is also an important milestone in our strategic expansion initiatives. We look forward to realising the synergies envisioned; while Metropolitan Life Kenya brings additional innovative products as well as technical and distribution skills, Cannon Assurance has a wider presence and a well-established brand in the Kenyan market.”
MMI, currently has a presence in 13 African countries. Metropolitan Life Kenya has operated in Kenya for eight years offering primarily life insurance solutions to retail and corporate clients.
Mr. Inderjet Talwar, the founding member and shareholder of Cannon Assurance has this to say “We are pleased and excited. The wide footprint of MMI’s International division on the African continent would give us access to their technical and overall expertise. This, coupled with the financial strength of MMI Holdings, will give added comfort and stability to our customers and policyholders. We see the advent of a new dawn on the horizon.”
Established in 1964, Cannon Assurance has a wide footprint in Kenya with offices in Mombasa, Nairobi, Nakuru, Nyeri and Thika. Cannon Assurance offers a comprehensive suite of life and general insurance- and asset management solutions for both retail and corporate clients. It also offers a Sharia compliant bouquet of insurance products. Established in 1964, Cannon Assurance has a wide footprint in Kenya with offices in Mombasa, Nairobi, Nakuru, Nyeri and Thika.