Hollard gains East Africa foothold in deal with Kenya’s APA Insurance
Hollard International (https://apo-opa.info/3tUpGWD) will extend its footprint in Africa through the finalisation, on 31 October 2023, of an agreement to acquire a significant interest in Apollo Investments Limited, the holding company of Kenya-headquartered insurer APA Insurance.
This strategic investment, subject to regulatory approvals, gives Hollard International a presence in the East African market, supplementing its existing operations in Southern and West Africa.
Hollard becomes the second international investor in the Kenyan group, following Swiss Re, which acquired a stake in 2014.
For APA, the partnership gives Kenya’s second-largest insurer access to a larger market and expanded opportunities for growth, says Ashok Shah, Group CEO of Apollo Investments Limited.
“It’s an exc...