By Samuel Sanya
KAMPALA, Nov 24 — Chedid Capital, a Dubai-based insurance and reinsurance broker, has entered into a strategic partnership with GML, a Mauritius conglomerate, to provide operational management of brokers in Uganda, Kenya and eight other African countries.
The 50-50 joint venture — GML-Chedid &Associates East Africa Ltd — with estimated combined 2013 revenues of 1.2 billion US dollars between them — will initially be based in Nairobi, Kenya, before moving inward to Kampala.
The new firm will enter into strategic partnerships to oversee, design, and control processes of selected licensed insurance and reinsurance brokers to make them more efficient as oil and gas revenues start to flow in the East Africa reion.
Arnaud Lagesse, the head of GML, says: “Everyone is talking about Africa and we happen to have a sound experience of doing business on the continent. This new venture will allow us to tap into the lucrative markets in East Africa whilst relying on Chedid’s expertise and GML’s proximity and knowledge of the earmarked regions.”
Uganda has 26 licensed insurance brokers, some of which are the focus of the partnership.
Ugandan insurance brokers are now required to have a minimum paid-up capital of 75 million shillings (about 28,000 US dollars) up from 50 million shillings under recent 2014 industry requirements.
In addition to Uganda and Kenya, the partnership will take on insurance brokers in Tanzania, Rwanda, Botswana, Ethiopia, Madagascar, Mozambique, Zambia and Zimbabwe.
SOURCE: NEW VISION