Olea Insurance Solutions, the pan-African insurance broker, has acquired a significant stake in Ballpack Insurance Group Uganda, expanding its footprint across the continent to its 25th market in Africa, the French company has said in a statement.
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 value of the transaction was not disclosed.
“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,” the French brokerage said in a statement.
Olea’s preferred expansion strategy is to acquire existing local operations, although it has also started some companies from scratch.
Headquartered in Paris, Olea was founded in 2017. Its eastern and southern Africa operations are managed from Johannesburg