Dubai insurer set for Uganda

Nov 22, 2014

The new firm will enter into strategic partnerships to oversee, design, and control processes of selected licensed brokers.


By Samuel Sanya

Chedid Capital, a Dubai-based insurance and reinsurance broker has entered into a strategic partnership with GML, a Mauritius conglomerate aimed at providing operational management of brokers in Uganda, Kenya and eight other countries.

The 50-50 joint venture under the name GML-Chedid &Associates East Africa Ltd and estimated combined 2013 revenues of $1.2b (sh3.2trillion) will initially be based in Nairobi before moving inward to Kampala.

The new firm will enter into strategic partnerships to oversee, design, and control processes of selected licensed brokers to make them more efficient as oil and gas revenues start to flow.

Arnaud Lagesse, the GML boss said: “Everyone is talking about Africa and we happen to have a sound experience of doing business on the continent.

“This new venture will allow us to tap into the lucrative markets in East Africa whilst relying on Chedid’s expertise and GML’s proximity and knowledge of the earmarked regions.”

Uganda has 26 licensed insurance brokers, some of which are the focus of the partnership.

Insurance brokers are now required to have a minimum paid-up capital of sh75m ($28,000) up from sh50m ($18,500) under recent 2014 industry requirements.

In addition to Uganda, and Kenya the partnership will take on insurance brokers in Tanzania, Rwanda, Botswana, Ethiopia, Madagascar, Mozambique, Zambia and Zimbabwe.

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