Mudavadi and Timamy-linked firm to buy insurers from Absa for Sh3bn

An investment firm linked to Kenyan Prime Cabinet Secretary Musalia Mudavadi and Lamu Governor Issa Timamy has agreed to pay approximately Sh3 billion to acquire majority stakes in two insurance companies from South Africa’s Absa Group.

First Assurance Investments Limited will purchase a 63.3 per cent stake in both Absa Life Assurance Kenya and First Assurance Kenya Limited. This transaction values the two underwriting entities at roughly Sh4.77 billion. The deal represents a buyback of assets that Mudavadi, Timamy, and their partners originally sold to Absa (then known as Barclays Africa) in 2015 for Sh2.2 billion.

The acquisition is currently awaiting regulatory approval from the Competition Authority of Kenya and the Insurance Regulatory Authority. The parties involved aim to finalize the transaction before the end of the current financial year.