Dubai, 29th of October 2014: GML, the leading Mauritian conglomerate, with an international footprint and Chedid Capital, the multi-awarded insurance and reinsurance regional broker have recently entered into a strategic partnership agreement, signed in Dubai, to form a 50%-50% Joint Venture that aims to play a major role in the insurance brokerage sector across East Africa and the Indian Ocean. The new company called “GML-Chedid & Associates East Africa Ltd” combines GML strong regional presence with Chedid Capital established insurance and reinsurance industry expertise.
GML-Chedid & Associates East Africa Ltd will be incorporated following a year of discussions between GML and Chedid Capital. While the strategic and financial advisory firm Creed Capital was working on structuring the strategic partnership agreement and the subsequent Joint Venture, it encouraged both parties to join forces. GML and Chedid Capital have acknowledged the major synergies that they would offer in delivering together highly performing insurance brokerage services across East Africa and the Indian Ocean.
Arnaud Lagesse, the CEO of GML, is excited about the potential of this partnership. “We are indeed proud to join forces with Chedid, a renowned company. Everyone is talking about Africa and we happen to have a sound experience of doing business on the continent. This new venture will allow us to tap into the lucrative markets in East Africa whilst relying on Chedid’s expertise and GML’s proximity and knowledge of the earmarked regions. Added to this is the availability of talent in Mauritius as well as the fantastic resources and current infrastructure, which cannot be overlooked”.
Farid Chedid, the Founder and CEO of Chedid Capital is equally delighted about the prospect of this long term partnership with GML. “We are overjoyed to join forces with a prominent group such as GML for entering the East African market. We are confident that by coupling our established expertise with GML regional presence, we would succeed in delivering highly innovative insurance solutions to an expanding number of corporations and SMEs in the region, across an increasing number of insurance lines that would be covering major rising economic sectors in East Africa such as energy, construction, marine and others.”
Alexandre Ziad Karkour, the CEO of Creed Capital is thrilled by Creed success in bringing together the MENA region fastest growing insurance and reinsurance broker with Mauritius’ leading corporation and one of Africa’s most acclaimed business conglomerates. “Since 2007 we have been witnessing and engaging with an increasing interest in Africa. We look at this venture as a significant, pioneering and promising milestone in what we predict to become a lasting trend of mounting business exchanges between the MENA region and Sub Saharan Africa.”
GML-Chedid & Associates East Africa Ltd will have its regional head office based in Mauritius. It will focus on conducting equity participation and providing operational management services to a series of selected insurance brokers across 10 countries in East Africa including Botswana, Ethiopia, Kenya, Madagascar, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe. Creed Capital has achieved through its initial mandate all relevant market analysis as well as the preliminary selection of potential acquisition targets in selected countries.
The impressive multi sector experience of GML, in such diversified industries as Banking, Insurance, Hospitality, Beverages, Agribusiness and Business Services, when coupled with the equally impressive and multi awarded insurance and reinsurance expertise of Chedid Capital, will allow the new company to offer its extended market base a vast range of expertise and industry knowledge adopting the best practice techniques across the complete spectrum of insurance lines.
GML-Chedid & Associates East Africa Ltd will be able to draw on the skill and resources of a complete range of specialized insurance and reinsurance skills including teams of actuaries, engineers, lawyers, specialized information systems, and claim handling services. GML-Chedid & Associates East Africa Ltd is delighted to soon be able to offer its existing clients the complete range of services in East Africa via the new joint venture company and is equally looking forward to developing new relationships with the extended client base across East Africa.