HARARE, The African Actuarial Consultants (“AAC”) has partnered Alexander Forbes Group Holdings Ltd (AFH) of South Africa in a transaction aimed at strengthening AAC’s business to grow its client base not only in Zimbabwe but in the region as well.
AAC, which started operating in 1993, offers end-to-end actuarial and advisory services to leading insurers, reinsurers and large pension schemes in Zimbabwe as well as compensation and medical schemes.
“Under the Alexander Forbes brand, we will be offering an enhanced actuarial consulting service to our clients and also add value to our clients through the provision of a wide range of advisory capabilities such as risk and investment management, product development and consultancy on regulatory compliance,” Tinashe Mashoko, the Managing Director of AAC said in a statement released by AFH.
He added that Alexander Forbes is a natural fit for AAC and as a leading brand, Alexander Forbes has expertise, scale and market influence and could not have found a better investor than them.
According to AFH Chief executive officer Andrew A. Darfoor the acquisition of AAC is in line with Alexander Forbes’ growth strategy to expand into selected markets in sub-Saharan Africa under the Emerging Markets Division, which already has market leading businesses in Botswana, Namibia, Uganda and Nigeria.
It also adds scale to Alexander Forbes’ Consultants & Actuaries business line and further enhances its existing talent and client bae.
He said AFH’s the Zimbabwean market has significant upside growth potential when, as expected, the economic climate improves.
“Working together with AAC, we have a long-term vision to create an energetic, innovative and highly regarded pan-African consulting and actuarial leader that offers end-to-end capabilities to Financial Schemes and their Sponsors both in the Private and Public Sector,” said Darfoor.
He said Alexander Forbes has ambitious growth plans in Sub-Saharan Africa and will continue to explore and evaluate potential acquisitions in this regard.
The acquisition is however subject to regulatory approval and the terms of the transactions were not disclosed.
