Alexander Forbes is spreading its wings in East Africa, with a purchase of 60% of actuarial services firm Hymans Robertson Kenya for KSH 80.367 million (R8.8 million), with the balance of the shareholding being held by senior Hymans Robertson Kenya staff.
Once the deal is completed and approved by the Kenyan competition authorities, the company will be renamed Alexander Forbes Financial Services (East Africa) (Pty) Ltd.
Alexander Forbes` already has a 40% interest in Alexander Forbes Insurance Brokers Kenya Limited, which will continue to focus on risk management and short term insurance broking services.
Alexander Forbes says Alexander Forbes Financial Services (East Africa) will immediately assume the ranking of largest actuarial consultancy firm in East and Central Africa with a significant pensions and insurance client base in East Africa, Ethiopia and Eritrea.
The firm is the appointed agency to 18 life companies in the East African Community (Kenya, Tanzania and Uganda) and is actuary to over 200 retirement benefit schemes in Kenya, two thirds of which by value are public sector schemes.
Mike Ilsley, Alexander Forbes` financial director and head of African operations, says an opportunity arose when UK-based Hymans Robertson decided to exit Africa to focus on its larger international offices.
"It allowed us to buy into an established East African business with a great pedigree and top management that will have a positive impact on our earnings from day one," he says.
He says the earnings of the East and Central African operations will be further enhanced by adding the full spectrum of Alexander Forbes financial services to the existing Hymans Robertson Kenya actuarial services platform.
"The firm currently consults to most of the large retirement funds registered in Kenya which gives us a great entry point to offer a full range of services to these companies and organisations," he says.
Ilsley is positive about developments in Kenya, citing says the outcome of the recent general election in which Mwai Kibaki and the National Rainbow Coalition replaced Daniel arap Moi of Kanu after 24 years of rule, restoring hope in the country`s economic future, he says.
Share
