Chedid Capital, an insurance and financial services provider that operates across the GCC and Middle east North Africa (MENA) regions, has announced that it plans to acquire the African business of international insurance broker, Ascoma Group.
The company has come to an agreement with Ascoma’s owner, the Husson family, to transfer control of Ascoma Assureurs Conseils.
The Husson family will maintain a sizeable stake in Ascoma, and will maintain its insurance brokerage activities in Monaco and France.
Ascoma is a major broker in Africa with a network of 23 subsidiaries in 21 countries across the continent, and an office for international affairs in Paris.
The group’s activities revolve around insurance broking (P&C and Healthcare) and the management of healthcare costs on behalf of companies and insurers. It currently has around 780 employees.
“The acquisition of Ascoma is part of our global strategy to create an insurance broking leader in Africa and the Middle East and to the development of a complete range of insurance solutions in these markets,” said Farid Chedid, founder and chairman of Chedid Capital.
“We are convinced that beyond the market development and commercial synergies, the experience, know-how and governance of both Chedid Capital and Ascoma will give shape to our ambitious Group in the interests of our clients, partners and team,” he explained.
Hervé Husson, President of Ascoma, also commented: “My family is selling its business in Africa while remaining associated with Chedid Group, best known for its professionalism, reliability and integrity. Our goal now is to refocus on the development of our business in Monaco, France and in Europe as well.”
“Farid Chedid and his team won us over by the ambitious acquisition strategy,” Husson went on. “We strongly believe in this project which will allow the new group to speed up its growth thanks to significant synergies, to its know-how on one hand and to the expertise and significant additional resources of Chedid Capital on the other hand.”
“We will continue to be involved in the development of the Group by remaining significant shareholders and members of the board of directors.