Chedid Capital to buy African broker Ascoma

Chedid Capital, an insurance and financial holding company that operates in Europe, the Middle East, Africa, and the South-East of the Indian continent, has entered into exclusive negotiations to acquire African broker Ascoma Assureurs Conseils. Chedid will take over the African business of the Ascoma group, which has a network of 23 subsidiaries in 21 countries in Africa, specialising in property and casualty and healthcare insurance broking. Chedid said the transaction is a part of its expansion strategy in the Middle East and Africa market. Farid Chedid, founder and chairman of Chedid Capital, said: "The acquisition of Ascoma is part of our global strategy to create...

...an insurance broking leader in Africa and the Middle East and to the development of a complete range of insurance solutions in these markets. We are convinced that beyond the market development and commercial synergies, the experience, know-how and governance of both Chedid Capital and Ascoma will give shape to our ambitious Group in the interests of our clients, partners and team."

Hervé Husson, president of Ascoma, said: "Farid Chedid and his team won us over by the ambitious acquisition strategy. We strongly believe in this project which will allow the new group to speed up its growth thanks to significant synergies, to its know-how on one hand and to the expertise and significant additional resources of Chedid Capital on the other hand. We will continue to be involved in the development of the Group by remaining significant shareholders and members of the board of directors."