Britam Acquires Real Insurance For $15.7m

Britam Acquires Real Insurance For $15.7m

Nairobi Stock Exchange listed financial services group, British-American Investments Company (Britam), has acquired majority shares in insurance giant, Real Insurance Tanzania, Malawi and Mozambique for $15.74 million.

“Britam acquired 99 percent of Real Insurance under a deal involving cash and share exchange valued at $15.74 million. Real Insurance will come out stronger from its integration into the company because it has a solid financial base, modern computer systems and more
innovative products,” said Britam in a statement.

Britam offers a wide range of financial products and services in insurance, asset management, property and banking in the African Great
Lakes region.

The group’s operations commenced in Kenya in 1965 with the opening of the first office in Nairobi as a foreign branch of Britam domiciled in
Bahamas.
Last year Britam had a 4.4 percent share of the insurance market in Kenya while Real Insurance controlled 3.1 percent, according to the Association of Kenya Insurers. In 2004, Britam incorporated British-American Asset Managers, whose core business is providing investment advisory and fund management services.By George Mpofu

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