Alexander Forbes acquires stake in African Actuarial Consultants

12 June 2017 Authored by Consultancy.africa

Zimbabwe-based African Actuarial Consultants (AAC) has been partially acquired by Alexander Forbes Group Holdings. The acquisition remains subject to regulatory approval from Zimbabwe authorities, according to the Johannesburg Stock Exchange (JSE). 

Founded in Harare in 2003, AAC is a financial services firm, specialising in actuarial services, and operating in the insurance fields of life, health, employee benefits, and short term practice areas. The nature of services includes advice on product pricing and design, statutory actuarial valuations, liability estimation, appropriate reserving, investment strategies, and risk management. 

In a new deal, a substantial stake of AAC has been acquired by South African consulting firm Alexander Forbes (AF). Founded in 1935 in Sandton, AF now generates annual revenues of over R4 billion, and was listen on the JSE in 2014. AF offers specialized financial services, also in the insurance sector, delving into investments, consulting and actuarial services, retirement funds, healthcare services, group and business insurance, emerging markets, and even trust and beneficiary services.

African Actuarial Consultants and Alexander Forbes

It is to bolster their emerging markets practice that AF has now acquired AAC in Zimbabwe. AF is currently executing its expansion strategy in Sub Saharan Africa (SSA), with plans to enter into certain markets. So far, the firm has leading practices in Botswana, Namibia, Uganda and Nigeria. AAC allows an entry into Zimbabwe, and also allows AF access to its extensive client base. AF plans to tap into the expanding consulting industry in the country through its new local operation. 

This is the second time that AAC has changed hands in recent years. In 2015, the firm was acquired by Tinashe Mashoko, who is an expert in actuarial services across Africa and Europe.

Commenting on the acquisition, Mashoko said, “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. 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.” 

Meanwhile, Group Chief Executive at AAC, Andrew Darfoor said, “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.”

News

More news on