Mauritius’ top conglomerate GML and Chedid Capital, a Lebanon and Gulf-based insurance and reinsurance broker, have agreed to establish a joint venture, GML-Chedid & Associates East Africa, to enter into ten African markets ranging from Ethiopia through to Botswana.
The venture, also Mauritius-based, will focus on providing operational management services to a series of existing brokers covering east African markets, including Botswana, Ethiopia, Kenya, Madagascar, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe.
“This new venture will allow us to tap into the lucrative markets in East Africa while relying on Chedid’s expertise and GML’s knowledge of the earmarked region, in addition to the talent, resources and infrastructure in Mauritius,” explained Arnaud Lagesse, CEO of GML.
Farid Chedid, founder and CEO of Chedid Capital, returned: “By coupling, we will succeed in delivering innovative insurance to the expanding number of corporations and SMEs in the region, and cover insurance lines in the growing sectors of energy, construction and marine.”
Alexandre Ziad Karkour, CEO of Creed Capital, which arranged the partnership, added: “We have been engaged in Africa since 2007, and we see this venture as just the beginning of a trend of mounting business exchanges between the MENA region and Sub-Saharan Africa.”
Heading the list of the Top 100 Mauritian companies and with a turnover of $1bn, GML is the third largest group in the southwest Indian Ocean and was also recently recognised by the World Economic Forum as one of the sixteen most dynamic and high-growth companies.
It boasts a portfolio of 300 associated companies including some of the country’s flagship conglomerates such as Ireland Blyth, Phoenix Beverages and AfrAsia Bank, and is already holds related equity in Mauritian Eagle Insurance and Mauritius’ City Brokers and Ellgeo Re.
Chedid Capital establishing its activity in Cyprus in 1998, and now services and brokers for over 250 insurance companies in 22 countries across the MENA region and Europe through its offices in Beirut, Dubai, Doha, Limassol and Riyadh.