HARARE, June 12 (The Source) – South Africa’s Alexander Forbes Group Holdings has acquired Zimbabwe’s largest independent actuarial firm, African Actuarial Consultants (AAC).
Alexander Forbes chief executive Andrew Darfoor said the acquisition, which is subject to regulatory approval, 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 has business interests in Europe and the Middle East.
It also gives Alexander Forbes a foothold into the Zimbabwean market which exited in 2015 but believes has significant upside growth potential when, as expected, the economic climate improves.
Alexander Forbes has previously operated in Zimbabwe, but was rebranded to Willis Faber Dumas and Roland (WFDR) Risk Services in 2015 when ZB Holdings sold off its 40 percent shareholdings in the firm.
“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.
AAC, which started operating in 1993 as unit of First Mutual Holdings, was in 2016 sold off to Frankmash Enterprises, a company owned by Tinashe Frank Mashoko. It offers actuarial and advisory services to insurers, reinsurers and large pension schemes in Zimbabwe as well as compensation and medical schemes. It also has regional clients.
Mashoko said being part of Alexander Forbes will strengthen AAC’s business and allow it to grow its client base not only in Zimbabwe but in the region as well.
“Alexander Forbes is a natural fit for AAC. As a leading brand, Alexander Forbes has expertise, scale and market influence and we could not have found a better investor than them,” he said.
“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,” he said.