Barclays acquires controlling stake in First Assurance

Barclays Africa is set to acquire a controlling stake in Kenyan insurance firm First Assurance in a move likely to raise the stakes in the country’s insurance industry. Barclays Africa yesterday announced that it has reached an agreement to acquire 63.3 per cent of First Assurance in a deal valued at Sh2.8 billion including a Sh722 million capital injection.

The deal is subject to regulatory approvals in South Africa, Kenya and Tanzania at which point Barclays Bank Kenya will start offering general and life insurance services and products in Kenya and Tanzania.