OLEA, a Pan African insurance broker, has announced it has reached an agreement to acquire to Marsh Uganda and Marsh Botswana. The acquisition is subject to approval by local authorities in both countries.
The announcement follows the two companies’ successful collaboration over the last five years and further enhances OLEA’s footprint in the African market.
The Paris-based Olea Insurance Solutions entered the East African market, with the purchase of a 40% stake in Kenya’s Koolridge Insurance Brokers in 2019. At the time of the acquisition, the company identified Nairobi as a significant launchpad into other East African markets, notably in Uganda, Rwanda and Tanzania where the company already had a robust commercial presence.
The acquisition of Marsh Botswana and merger of Marsh Uganda with OLEA’s existing Uganda operation marks a significant milestone in OLEA’s growth strategy.
“We are excited to welcome the talented teams from Marsh Uganda and Marsh Botswana into the OLEA family,” said Olivier Canuel, OLEA Group CEO. “This acquisition not only enhances our presence in Africa but will strengthen our service offerings and expand our capabilities. OLEA will continue to provide comprehensive risk management solutions to meet the unique needs of businesses in Uganda and Botswana – two strategic and dynamic markets in Africa. OLEA will invest in local talent and resources to ensure a seamless transition and continued excellence in service delivery,” said Vincent de Charnacé, OLEA CEO East & Southern Africa.
Guy Royston, CEO, Africa Regional Operations, Marsh McLennan said, “Marsh Africa has enjoyed a strong and collaborative working relationship with OLEA. And subject to regulatory approval, I am pleased that they will be the new custodians of our offices in Botswana and Uganda. As the leading insurance broker in Africa, Marsh remains committed to the region and will continue to deliver exceptional value and innovative solutions to help our clients manage the risks they face.”