The Husson family, founder of the Ascoma group, and Chedid Capital Holding have entered into exclusive negotiations for the sale of Ascoma Assureurs Conseils to the Lebanon-headquartered insurance and financial services group, businessinsurance.com reports.
Ascoma is a major brokerage player in Africa with a network of 23 subsidiaries in 21 countries in Africa as well as a unit in Paris, in charge of international affairs. The group’s activities revolve around insurance brokerage (P&C and health) and the management of health costs on behalf of companies and insurers. Ascoma currently has around 780 employees.
Following the sale, Husson family will remain a minority partner with a 20 percent stake in Ascoma and will participate in the transition and development of the new group. This sale also concerns the African perimeter of the Ascoma group, the Husson family retaining its insurance brokerage activities in Monaco and France.
Completion of the transaction is subject to obtaining regulatory approval.
This transaction boosts Chedid Capital’s efforts to be a leader in insurance brokerage, serving companies established in the Middle East and Africa, the company said.
Mr Farid Chedid, founder and chairman of Chedid Capital, said, “The acquisition of Ascoma is part of a global project aimed at creating a brokerage leader in Africa and the Middle East that will allow the development of a complete range of insurance solutions. in these markets. Beyond development and commercial synergies, we are convinced that the sharing in terms of experience, knowhow, governance and business lines between the Chedid Capital and Ascoma groups will help to give substance to the project in the long-term interests of subsidiaries and teams.”
ORIGINAL SOURCES: Chedid Capital, businessinsurance.com PHOTO: The Monaco Ascoma team in the 2019 No Finish Line event