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Nairobi – Insurance firm Metropolitan Life Kenya and Cannon Assurance announced the launch of their new brand MetropolitanCannon on Tuesday.
This follows a successful acquisition of a majority stake in Cannon Assurance by MMI Holdings, the South African financial services group that is listed on the Johannesburg Stock Exchange(JSE).
MMI also owns a majority stake in Metropolitan Life Kenya. MMI has a footprint in 13 African countries, the United Kingdom and India.
Through the union, Cannon Assurance and Metropolitan Life Kenya will consolidate their life insurance licenses into one, while retaining a stand-alone short term insurance license and business.
Metropolitan Life Kenya, which is a subsidiary of MMI [JSE:MMI], has operated in Kenya for eight years offering primarily life insurance solutions to retail and corporate clients.
Speaking during the launch, the Group CEO of MMI Holdings Nicolaas Kruger, said the partnership is a sign of MMI’s confidence in the Kenyan market.
“We are excited about the successful conclusion of this partnership, which not only consolidates our presence in the East African market, but is also an important milestone in our strategic expansion initiatives,” said Kruger.
He emphasised that the company had ventured into the Kenyan market to accelerate growth of the insurance industry and realise new lines of business for the holding company.
“We look forward to realising the synergies envisioned. While Metropolitan Life Kenya brings additional innovative products as well as technical and distribution skills, Cannon Assurance has a wider presence and a well-established brand in the Kenyan market,” he added.
Metropolitan chair Desterio Oyatsi noted that MetropolitanCannon will benefit from the financial strength and international experience of MMI Holdings.
“The amalgamation of structures within our Kenyan operations will increase our technical capabilities and diversify our income and business lines,” said Oyatsi.
Inderjet Talwar, the founding member and shareholder of Cannon Assurance pointed out the new partnership will facilitate growth in business volumes, development of new niche products and investments in product marketing.
“By consolidating the two companies, we have become a truly formidable insurance firm, capable of achieving efficiency and offering services on a scale far greater than we could have achieved alone,” said Talwar.
