Olea Insurance Solutions, the pan-African insurance broker, has acquired Ballpack Insurance Group Uganda, expanding its footprint across the continent to 25 countries.
The acquisition of a controlling stake in the Ugandan company, which Olea has been publicly discussing for at least a year as its strategy for entering Uganda, underscores the French private company’s goal of establishing a brokerage network throughout sub-Saharan Africa.
“The acquisition of Ballpack Insurance Group Limited is a mark of confidence in our Ugandan and international clients, and a promise to accompany them wherever they invest, guaranteeing them the same high standards, professionalism and proximity to cover their insurance needs,” said Vincent de Charnacé, Olea’s chief executive for Eastern and Southern Africa.
Olea said Paul Muhame, Ballpark’s current chief, will continue to run the subsidiary.
“Through the use of innovative tools and access to a broad selection of customised and tailored insurance products, our new subsidiary will also allow Olea to implement its fully digitalised insurance solutions and better meet the insurance needs of the community in Uganda,” Olea said in a statement.
The value of the transaction was not disclosed.
Ballpark’s gross commissions at the end of the second quarter were Shs299.9mn ($81,663), an increase of Shs192.3mn on the same period last year, according to figures from the Insurance Regulatory Authority. Its market share for the period was just under 1 per cent, ranking it 20th out of the 50 licenced brokers.
Olea was founded in 2017 by Olivier Dubois and Olivier Canuel, both French nationals with more than 30 years of experience in African insurance. Mr Dubois previously worked for the insurance company Gras Savoye in Côte d’Ivoire and Dakar, where he managed its African subsidiaries, and at Willis Towers Watson as the head of Central and Eastern Europe, Middle East, and Africa operations. Meanwhile, Mr Canuel served as the managing director of Gras Savoye in Côte d’Ivoire before being promoted to chief executive for the company’s Anglophone African subsidiaries. Olea’s preferred expansion strategy is to acquire existing local operations, although it has also started some companies from scratch. It is headquartered in Paris, while its eastern and southern Africa operations are managed from Johannesburg.
The company’s network of subsidiaries retain their local management after acquisition because of their “in-depth understanding of the local market.” This enables the company to ensure that integrated offerings are adapted to the needs of each market, and to serve foreign clients who must comply with local regulations.
Olea said its clients include companies investing in the continent and international brokers without regional representation. It specialises in arranging life and general insurance policies, with a focus on property, health, motor, transport, cyber, fraud, civil liability, political violence, terrorism, and construction for the latter.
($1 = Shs3672.13, on 30 June 2023)
