Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Resolution Health Acquire Strategic Partner and Capital for Expansion Plans

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Kenya: Press Releases: Resolution Health Acquire Strategic Partner and Capital for Expansion Plans

Thursday, 13 January 2011

Nairobi, 13 January 2011 --- Resolution Health EA Ltd received a boost in their expansion plans following the partnering with a strategic investor as the company eyes a listing at the Nairobi Stock Exchange (NSE) in four years.

This leading medical insurance provider announced that the German private equity fund Africa Development Corporation (ADC) had bought a 25% stake in the company for KKES184m. ADC is a rapidly growing financial services group focusing on the Sub-Saharan Africa (SSA) region and a member of the Frankfurt-based Angermayer, Brumm & Lange Group. ADC will be providing world class international expertise and support in addition to its capital input. Group CEO Peter Nduati said the company intends to expand its medical insurance business both in Kenya and regionally.

Resolution Health has efficiently managed healthcare services in Kenya and Tanzania and is looking to grow its market share to 20% by 2014 before listing on the NSE. Resolution Health provides medical insurance services to individuals, families and groups. The company currently takes care of over 42,000 individuals and 870 companies in Kenya.

The medical insurance sector has seen an average of growth rate of 25% per annum and the value of the health services industry in Kenya has risen steadily from KES33bn in 2004 to KES51bn in 2008, according to the government’s annual economic survey data. It is estimated that the annual medical insurance premium income exceeds KES6bn.

“We view this as an exciting opportunity to invest in Kenya and East Africa as a whole. We believe that this investment into the medical insurance sector will benefit our shareholders, Resolution Health and the population as a whole. ADC strongly believes in the growth potential of Kenya and has been impressed by the integrity and work ethic of all the people it has interacted with. “said Dirk Harbecke, CEO of ADC.

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