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International

World Bank arm to buy stake in Kenyan insurer

January 05, 2017 Reprints

World Bank's venture capital arm International Finance Corp. plans to acquire a 10% stake in Kenyan insurer Britam Holdings Ltd. for 3.5 billion Kenyan shillings ($34 million), Daily Nation reported. IFC is buying into Britam at a time when the insurer is set to benefit from mandatory purchase of marine insurance from the local market. Kenyan marine insurance premiums are estimated at KES 20 billion a year. Britam is the biggest player in the segment with a 12.6% share of the market.

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World Bank arm to buy stake in Kenyan insurer

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