The Competition Authority of Kenya (CAK) has approved the proposed acquisition of Minet (Mauritius) Holdings Limited by Bima Holdings Ltd, saying the deal poses no threat to market competition or public interest in the insurance and pension sectors.
In a statement released on October 14, the Authority said the transaction, which involves the full acquisition of Minet Mauritius’ issued share capital, met the threshold for mandatory notification and was subject to full merger analysis under Kenya’s competition laws.
“The Competition Authority of Kenya has approved the proposed acquisition of control of Minet (Mauritius) Holdings Limited by Bima Holdings Ltd unconditionally, since the transaction is unlikely to negatively impact competition in [the] market for provision of insurance brokerage and pension administration services in Kenya, nor elicit negative public interest concerns,” the Authority stated.
Bima Holdings Ltd, the acquiring firm, is a newly incorporated entity formed solely for the purposes of this acquisition.
It is part of a broader investment group that includes Africa Biosystems Limited, ESS Equipment Kenya Limited, and the Quick Mart supermarket chain.
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Bima Holdings Acquires Minet Mauritius
Minet Mauritius, the target company, provides a range of services including insurance brokerage, claims management, consulting, fraud investigations, and pension administration.
The company is divesting from its African insurance brokerage operations as part of a broader strategic shift.
The CAK found that the merged entity would hold a relatively small share of both the insurance brokerage and pension administration markets, approximately 6% in general insurance and less than 1% in long-term insurance.
In the pension space, Minet Mauritius holds 4.89% market share, operating in a sector with 30 registered administrators as of February 2025.
CAK Approval
Despite these figures, the Authority noted that the market remains highly competitive.
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“Post-merger, the market shares of the merged entity in insurance brokerage and pension administration are low and unlikely to raise competition concerns,” the statement read.
“Additionally, the merged entity will face competition from other market players accounting for over 90% market share nationally.”
The Authority also dismissed concerns related to public interest, saying the deal would not result in job losses or harm to small and medium enterprises.
“There will be no employment loss, and all the current employees will be retained under the current terms,” it said.
Under Kenyan law, mergers are assessed for both competition and public interest considerations, including impacts on employment, SMEs, and national competitiveness.
Bima Holdings can now proceed with the acquisition.
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