The Competition Authority of Kenya (CAK) has approved the proposed acquisition of 65% of the issued share capital in Takaful Insurance of Africa by Tamini Insurance unconditionally.
Takaful Insurance of Africa, which is a company incorporated in Kenya, engaged in general takaful business. Tamini Insurance is a private limited liability company incorporated in Djibouti.
In an announcement, CAK says that the approval is unlikely to negatively impact competition in the general insurance market in Kenya. The merged entity will continue to face competition from other players who control over 99% of the market.
According to CAK, Kenya had more than 60 insurance and reinsurance companies registered by the Insurance Regulatory Authority in 2023, comprising 32 underwriters conducting general insurance business and 20 into long-term insurance business, three composite insurance companies, one microinsurance company, three composite reinsurers, and three general reinsurance companies.