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September 7, 2020

Chedid Capital, Ascoma Group combine insurance broking in Middle East and Africa

By Verdict Staff

Chedid Capital has entered into exclusive negotiations with the Husson family for the transfer of control of Ascoma Assureurs Conseils.

Ascoma, which is said to have a network of 23 subsidiaries in 21 countries in Africa, is a major broker in the region with an office for international affairs in Paris.

The group’s activities include P&C and Healthcare insurance broking and the management of healthcare costs for companies and insurers.  Ascoma employs around 780 people currently.

As per the agreement, Husson family will maintain a significant stake in Ascoma and will collaborate with Chedid Capital in the transition and development of the new group.

The African activities of the Ascoma group will be transferred to Chedid Capital while Husson family continue its insurance brokerage business in Monaco and France.

Ascoma president Hervé Husson said: “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.”

The transaction follows Chedid Capital’s strategic plans to serve companies in the Middle East and Africa, which poses strong development potential to the company.

Completion of the transaction is subject to the condition precedent of obtaining regulatory authorisations.

Chedid Capital founder and chairman Farid Chedid said: “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.

“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.”

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