South Africa’s fourth biggest insurer, Liberty Holdings, has announced that it will buy stakes in one of Malawi’s insurance firms.
Liberty will take a majority stake in Malawian based private short-term insurer Charter Insurance Company Ltd.
According to the company, this is part of its planned expansion into the rest of Africa.
However, financial details about the transactions have been not disclosed.
The acquisition forms part of Liberty’s strategy of growth into Africa, which has a growing number of people who can invest in insurance to protect their wealth and assets.
Charter Insurance has a five percent market share in Malawi while Liberty is majority-owned by South African lender Standard Bank, which has also expanded its presence on the continent in recent years.