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September 17, 2014updated 13 Apr 2017 8:34am

Prudential to acquire Kenyan life insurer Shield Assurance

The British insurer Prudential has agreed to acquire Shield Assurance, a Kenyan life insurance company, in a bid to strengthen its presence in Africa.

By Verdict Staff

The UK insurer intends to invest around $16.9m in Shield Assurance over the next one year.

The latest acquisition represents Prudential’s second in Africa. The company bought a majority stake in Ghana-based Express Life Insurance in December last year.

Prudential Africa CEO Matt Lilley said the announcement is an important milestone for the company, which represents first step towards the creation of a new business in East Africa.

"We now look forward to working with our new colleagues at Shield to create one of Kenya’s leading life insurers, generating jobs and serving our customers," Lilley added.

The current Shield Assurance CEO Charles Mang’ee will remain in his position, while the current staff will also be retained.

Prudential is also considering expanding its business in Nairobi.

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