Kenyan competition authority approves LeapFrog insurance deal

The Competition Authority of Kenya has approved the proposed acquisition of shares, with veto rights, comprising 24.1% of ICEA Lion Insurance Holdings Limited by Eastern Africa Holdings Limited (EAHL).

EAHL is incorporated in the United Kingdom and is fully-owned by private equity fund Leapfrog Strategic African Investments (LSAI).

LSAI is an investment partnership established in 2016 between LeapFrog Investments and the US-based global financial services leader Prudential Financial that functions as a $350 million separate managed fund. The objective of the LSAI fund is to identify and make strategic investments in high-quality financial services companies in selected African geographies. The first investment of LSAI was an investment into the Enterprise Group Limited in Ghana which was concluded in August 2017. The ICEA Lion Holdings transaction will be the second investment of the LSAI fund.

ICEA Lion Insurance Holdings Limited directly controls ICEA Lion Life, ICEA Lion General, ICEA Lion Asset Management, and ITSL Trust Company Limited. ICEA Lion Insurance Holdings, through its principal subsidiaries, is involved in providing insurance (life and general) as well as asset and fund management services.