Mauritius-based GML and Chedid Capital have set up 50%-50% joint venture in East Africa to serve the growing to invest in and provide operational management services to a series of selected insurance brokers across 10 countries in East and Southern Africa including Botswana, Ethiopia, Kenya, Madagascar, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe.
According to Arnaud Lagesse, the GML Chief Executive Officer, “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. This is in addition to the availability of talent and fantastic resources in Mauritius as well as its developed infrastructure.”
The firms aims to deliver highly innovative insurance solutions to an expanding number of corporations and SMEs in the region and as well cover the increasing number of insurance lines that include growing economic sectors in East Africa such as energy, construction, marine and others.
Joined with Creed Capital which has seen success in the MENA insurance and reinsurance broker market, GML-Chedid & Associates East Africa Ltd say it will draw on the skill and resources of a complete range of specialized insurance and reinsurance skills, including teams of actuaries, engineers, lawyers, specialized information systems, and claim handling services.