GML and Chedid Capital Join Forces to Enter the East African’s Insurance Brockerage Market

PHOTO CAPTIO: From left to right Farid Chedid, Alexandre Ziad Karkour and Arnaud Lagesse –

African Media Agency (AMA)-/GML the leading conglomerate in Mauritius and Chedid Capital an award winning regional insurance and reinsurance broker have entered into a strategic partnership agreement to set up a 50%-50% joint venture under the name, GML-Chedid &Associates East Africa Ltd.

GML-Chedid & Associates East Africa Ltd, whose regional head office will be in Mauritius, will bank on the impressive multi sector experience of GML in diversified industries that include Banking, Insurance, Hospitality, Beverages, Agribusiness and Business Services. This is in addition to an equally impressive Chedid Capital's expertise.

This will give the new company an opportunity to offer its extended market base a vast range of expertise and industry knowledge adopting the best practice techniques across the complete spectrum of insurance lines.

GML-Chedid & Associates East Africa Ltd will be incorporated following a year of discussions between GML and Chedid Capital.

The new venture will focus on conducting equity participation and providing operational management services to a series of selected insurance brokers across 10 countries in East and Southern Africa including Botswana, Ethiopia, Kenya, Madagascar, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe.

While the strategic and financial advisory firm Creed Capital was working on structuring the strategic partnership agreement and the subsequent Joint Venture, it encouraged both parties to join forces.

GML and Chedid Capital have acknowledged the major synergies that they would offer in delivering together highly performing insurance brokerage services across East Africa and the Indian Ocean.

Speaking about the new venture, Arnaud Lagesse, the GML Chief Executive Officer said they were proud to join forces with Chedid which is a renowned company.

"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. This is in addition to the availability of talent and fantastic resources in Mauritius as well as its developed infrastructure," said Lagesse.

On his part, Farid Chedid, Founder and CEO of Chedid Capital said he was equally delighted about the prospect of the long term partnership with GML.

"We are delighted to join forces with a prominent group to enter the East African market. By coupling, we are confident that through our established expertise together with GML's regional presence, we will succeed in delivering highly innovative insurance solutions to an expanding number of corporations and SMEs in the region. We will be able to cover the increasing number of insurance lines that include growing economic sectors in East Africa such as energy, construction, marine and others," he said.

His sentiments were echoed by Alexandre Ziad Karkour, the CEO of Creed Capital who said he was thrilled by the Creed success in bringing together the MENA region fastest growing insurance and reinsurance broker with Mauritius' leading corporation and one of Africa's most acclaimed business conglomerates.

"Since 2007 we have been witnessing and engaging with an increasing interest in Africa. We look at this venture as a significant, pioneering and promising milestone in what we predict to become a lasting trend of mounting business exchanges between the MENA region and Sub Saharan Africa," he said.

GML-Chedid & Associates East Africa Ltd will draw on the skill and resources of a complete range of specialized insurance and reinsurance skills, including teams of actuaries, engineers, lawyers, specialized information systems, and claim handling services.

Distributed by African Media Agency on behalf of GML-Chedid & Associates East Africa Ltd.

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