Chedid Capital, a Dubai-based insurance and reinsurance broker, has entered into a strategic partnership with Mauritius conglomerate GML to provide operational management of brokers in Uganda, Kenya and eight other African countries.
The 50-50 joint venture — GML-Chedid and Associates East Africa Ltd with estimated combined 2013 revenues of US$1.2 billion — will initially be based in Nairobi, Kenya before moving inward to Kampala.
The new firm will enter into strategic partnerships to oversee, design and control processes of selected licensed insurance and reinsurance brokers to make them more efficient as oil and gas revenues start to flow in the East African reion.
GML head Arnaud Lagesse said: “This new venture will allow us to tap into the lucrative markets in East Africa while relying on Chedid’s expertise and GML’s proximity and knowledge of the earmarked regions.”
Uganda has 26 licensed insurance brokers with some being focus of the partnership.
Ugandan insurance brokers are now required to have a minimum paid-up capital of 75 million shillings (about US$28,000), up from 50 million shillings under recent 2014 industry requirements.The partnership will take on insurance brokers in Tanzania, Rwanda, Botswana, Ethiopia, Madagascar, Mozambique, Zambia and Zimbabwe.– BERNAMA-NNN-NEW VISION