Deals
LeapFrog Buys Majority Stake in Kenya’s Resolution Insurance
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LeapFrog Investments, the private equity firm with a focus on Africa and Asia, said it will pay 1.68 billion shillings ($19 million) to gain control of Kenya’s Resolution Insurance and tap growth in health coverage.
LeapFrog will invest through Resolution Health East Africa Ltd., the holding company for the Nairobi-based insurer, the private equity firm said in an e-mailed statement today, without disclosing the size of its stake. “Kenya’s non-life insurance market is growing at 20 percent per annum, with health insurance leading the charge at 38 percent. Resolution is strongly placed to capture much of this growth,” LeapFrog said.