Deal Street

Morocco’s Holmarcom Group Acquires Kenya’s Monarch Insurance
Morocco’s Holmarcom Group Acquires Kenya’s Monarch Insurance

Holmarcom Group, a Moroccan conglomerate, has acquired a majority stake in Kenya’s Monarch Insurance Company for an unknown sum through its holding company, Holmarcom Insurance Activities.

The arrangement, subject to certain closing conditions, including regulatory approvals in Kenya, is expected to see Holmarcom Insurance Activities along with Kamu Group, and Maisha Microfinance Bank becomes the company’s primary stakeholder, a 51 percent stake.

Monarch Insurance is set to gain from Holmarcom’s subsidiaries’ product innovation in areas such as health insurance. Holmarcom will benefit from Monarch Insurance’s networks and in-market knowledge as a result of the acquisition.