The Middle Eastern re/insurance broker moves to further cement its position in Africa’s insurance market.

Chedid Capital has announced the acquisition of the remaining 20% share of Groupe Ascoma from the Husson Family.

Farid Chedid

With this acquisition, Chedid Capital now holds 100% of Groupe Ascoma, an independent Sub-Saharan African brokerage network.

In 2021, Chedid Capital inked and completed an 80% stake acquisition in Monaco-headquartered Ascoma from the Husson family.

The broker had a book of more than €300m in managed premiums in 2023, with health insurance its biggest driver of business.

The group’s network counts 850 employees, spanning 23 subsidiaries in 21 African countries – and covering 54 countries in Africa and Mauritius through its own correspondent network.

With the support of Chedid Capital, Ascoma will further ramp up its investments for the future, focused on “anglophone and Lusophone Africa”, Chedid said.

Through this acquisition, Chedid Capital said it would further cement its position and ambitions as a re/insurance investment group.

Chedid Capital today manages more than €1bn in premiums, with a network of 64 subsidiaries and 1,600 employees across three continents.

“The acquisition of Groupe Ascoma by Chedid Capital has come to reinforce our leadership position in Africa’s insurance brokerage market,” said Farid Chedid (pictured), founder, chairman and group CEO of Chedid Capital.

“Fuelled by this momentum, we will continue to ambitiously pursue our expansionary drive, chiefly in anglophone and Lusophone Africa,” he said.

“We would like to thank the Husson family for the trust they have placed in our vision to help Groupe Ascoma’s already remarkable success reach new heights. In an uncertain world where risk is ever-growing, Groupe Ascoma can lean on Chedid Capital’s support and infrastructure to offer clients top-tier insurance, risk management, and financial services,” Chedid added.