Linkham Group, a UK-based global insurance solutions provider, will obtain the majority shareholding of Resolution Insurance after accepting to buy 100 percent of the equity holding of LeapFrog Investments., a private equity firm that is financed by George Soros and JP Morgan.
The agreement is dependent on certain closing conditions and regulatory approvals and is expected to complete within the first quarter of 2021.
The Linkham Group, which was founded in 2007, has operations in South Africa, Mauritius, the UK, and Ireland.
According to a statement released by the firms, the Insurance Regulatory Authority (IRA) of Kenya has assented to progress the transaction to completion.
Leapfrog obtained the majority shareholding in Resolution Insurance in 2014, paying $18.64 million (Sh2.04 billion).
“We look forward to benefiting from Linkham Group’s international experience to streamline the services of the Resolution Group, technology transfer, shared IT and insurance-related infrastructure, business processes, and enhanced underwriting expertise and network,” said Mr. Nduati, the founder of Resolution Insurance stated.
Mr. Raimund Snyders, a partner at LeapFrog Investments stated that the exit marked a significant milepost for Africa and Asia focused PE firm.