“Kenya’s newest billionaire Peter Nduati” articles are coming

edmpcResolution Insurance have a new moneybags investor; Leapfrog investments. The company will be investing KSh 1.68b ($US18.7m) for a majority stake in Resolution Insurance, through its holding company, Resolution Health East Africa Limited.

LeapFrog Investments is the world’s largest dedicated private equity investor in emerging markets financial services. The group’s portfolio of companies currently reaches over 22 million people across 16 countries. It also has investments in insurance underwriters and distributors in countries such as Ghana, Nigeria, South Africa and India. Resolution Health East Africa Limited is the holding company for leading East African general insurer Resolution Insurance with operations in Kenya and Tanzania and in partnership with IAA-Resolution in Uganda.

The new investment makes sense to Leapfrog as they get to get a foothold in the East African regions burgeoning insurance sector estimated to be worth KSh 180 billion (US$2 billion) and growing. In fact LeapFrog partner Dominic Liber said of the connection: “Resolution is a strong and growing business, with an exceptional management team. In a short time, Resolution has grown to become Kenya’s fourth largest health insurer and positioned itself as a rising star in East Africa’s fast-expanding health insurance space. Our investment positions Resolution to take the next leap in its growth, and we look forward to working with them to expand their reach in health insurance and beyond.”

Shock as Peter Nduati looks like a normal breathing human being
Shock as Peter Nduati looks like a normal breathing human being

Resolution CEO, Peter Nduati was equally chuffed with the new proceedings and stated; “We are excited to partner with LeapFrog for our next stage of growth. We believe that LeapFrog’s dedicated operational investing approach, strong track record in health insurance, and emerging consumer expertise will add tremendous value. Importantly, LeapFrog shares our entrepreneurial ethos and commitment to financial inclusion.”

The concern is that with the Kshs1.6 billion injected where Nduati is a majority shareholder you can expect to see many news outlets running with “the newest billionaire in the Kenyan streets” story. Expect magazine covers on Management, quirky Business Daily profiles with Jackson Biko (Update: Its been done already), profiles on the business segments of KTN, NTV and Citizen. Also CNBC. Then the social websites Mpasho, Ghalfa et al will start serving you blogs like, “Shock as Billionaire Peter Nduati seen eating mutura at Njugunas!” The gist of that post will be that it is surprising that such a rich man would stoop so low when he should be eating only at Caramel. Another headline would be “Shock as Kenyan Billionaire seen dancing with ratchets (Photos| NSWF)!” (Apologies but those blogs love using the word “shock” with the thesaurus on their computers having been disabled) When you click like you do you will see the guy dancing on stage at Blankets and Wine or Koroga. It’s going to be epic. You heard it here first.

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