Kenya: LeapFrog buys Resolution stake

LEAPFROG Investments, a private equity firm backed by George Soros and JP Morgan, has bought a majority stake in Kenyan insurer Resolution in a deal valued at 1.68 billion shillings (R202 million), both firms said yesterday. Resolution is a general insurer with operations in Kenya and Tanzania, and a partnership in Uganda. Leapfrog, which focuses on Africa and Asia, sold its stake in Kenya’s Apollo to Swiss Re last month. There has been a flurry of deals in the Kenyan industry as firms race to get a bigger share of a sector posting double-digit annual growth rates. – Reuters