MMI Holdings: Control of Kenyan insurer costs R300m

Comment on this story

MMI Holdings would buy a majority stake in Kenyan insurer Cannon Assurance for R300 million, to increase its presence in east Africa’s top economy, the JSE-listed financial services group said yesterday. The deal gives South Africa’s third-largest life insurer access to Cannon’s short-term insurance and asset management products. MMI’s Metropolitan International unit operates in 12 countries outside of South Africa, including Botswana, Ghana and Nigeria. It already has a presence in Kenya through Metropolitan Life Kenya. South African companies are increasingly looking to buy up firms on the fast-growing continent to offset slower expansion at home. The share price dropped 0.57 percent to close at R22.57 yesterday. – Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines