South Africa headquartered Hollard International has expanded its presence in Africa through a deal to acquire a stake in Apollo Investments Limited, the parent company of APA Insurance. This investment, subject to regulatory approvals, provides Hollard with a foothold in the East African market. It also complements its existing operations in Southern and West Africa.

Hollard becomes the second international investor in the Kenyan group, following Swiss Re, which acquired a stake in 2014. For APA, this partnership offers Kenya's second-largest insurer access to a broader market.

"It's an exciting time for APA because the Hollard International partnership will open new doors and new avenues of growth for our business. We'll have access to substantial new expertise in classes of business such as motor, engineering, marine, and other specialist lines of insurance – which we believe will open up a number of profitable business opportunities."

"In addition to expanding our operations in Kenya, this venture will also enable us to strengthen our foothold in Uganda and Tanzania. Moreover, it positions us favourably to seize opportunities in the Ethiopian market once it becomes accessible," Shah added.

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Seeking East African partner

Pravin Kalpagé, CEO of Hollard International, described the deal as "a vote of confidence in the Kenyan and East African markets". He stated, "Hollard International has been seeking an East African partner for some time, and APA ticked so many boxes."

He also pledged to bring Hollard's model of "impact beyond insurance" to the East African market, as demonstrated in Mozambique and Ghana, among other countries.

In South Africa, Hollard is the largest privately owned insurance group, offering both life and non-life product suites. It has presence in Namibia, Mozambique, Zambia, Lesotho, Botswana, and Ghana.

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