Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Metropolitan acquires Kenyan insurer

25 February 2014, 12:00

Cape Town - South African listed insurance-based financial services group MMI Holdings (MMI), announced on Monday that its Metropolitan International division has acquired a significant majority stake in Kenyan insurer Cannon Assurance (Cannon).

The acquisition is subject to regulatory and other required approvals.

The shareholders of Cannon will in turn acquire a minority stake in Metropolitan Life Kenya.

This transaction will enable a merger of the two companies with the consolidation of the life licences into one and a standalone short-term insurance licence and business.  
Metropolitan International, which operates in 12 African countries outside South Africa, has a presence in Kenya through Metropolitan Life Kenya, offering long-term insurance products.

The acquisition of Cannon will enable Metropolitan International to broaden its product offering to include short-term insurance and asset management.
Established in 1974, Cannon has a wide footprint in Kenya with offices in Mombasa, Nairobi, Nakuru and Thika.

Cannon services both retail and corporate clients and has established a Sharia compliant suite of insurance products.  
“Africa is an important strategic growth area for MMI. The acquisition of Cannon represents an important milestone to fast track MMI’s organic growth strategy in Africa and strengthens MMI’s presence in East Africa," said Nicolaas Kruger, group CEO of MMI.

"MMI is investing around R300m on the acquisition of a majority stake in Cannon, which will be funded from the R500m set aside by MMI’s board for strategic growth initiatives in Africa”.
Mervyn Cookson, CEO of Metropolitan International said as part of its expansion strategy, we have identified East Africa as a key region for growth.

"With a combined population exceeding 235 million the East Africa region presents significant expansion opportunities, and this acquisition strengthens our position to become a meaningful financial services player in Kenya and to enhance our strategic positioning in East Africa," he said.
"Kenya has the most established economy in the region, the most developed infrastructure in East Africa, the largest pool of skilled, English-speaking workforce and Nairobi is considered a strategic location as a regional financial, communications and transportation hub."
Although Metropolitan Life (Kenya) has operated in the Kenyan market for eight years, Cookson said the company's share of the large Kenyan market is still small.

"The acquisition of Cannon will allow both Cannon and Metropolitan to leverage off each other. Cannon has a wider presence and a well-established brand in the Kenyan market, whilst Metropolitan International can bring additional innovative products as well as technical and distribution skills to this market,” said Cookson.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
George Vodongo
Peter Kenneth will not run for Pr...

He clarified that he will not run for Presidency in 2017 as he supports Uhuru Kenyatta’s re-election bid. Read more...

Submitted by
Ben Wangui
Exams should not have political g...

He also said that school properties must not ‘carry any political portraits’. Read more...

Submitted by
S Mbinya
Matatu crew drugs female passenge...

Hours after the story was circulated on social media Sunday, the crew was traced at Dagoretti and arrested. Read more...

Submitted by
S Mbinya
How to get rid of cellulite at ho...

Proper diets and a healthy lifestyle are among the most effective natural remedies for cellulite. Read more...

Submitted by
George Vodongo
Peter Kenneth is not a good leade...

A local activist has slammed the former Presidential candidate Peter Kenneth for only appearing during elections but going underground when the country has problems.  Read more...

Submitted by
Ben Wangui
Javelin champion Julius Yego invo...

He is undergoing treatment at the Medihill hospital in Eldoret. Read more...