Ansa McAl Ltd gave notice that all regulatory approvals for the acquisition of Colonial Fire and General Insurance Company Ltd (Colfire) were obtained giving way to the completion of the transaction between CL Financial and Ansa McAl.
In a notice issued pursuant to section 64(1)(b) of the securities act, Ansa shared details of the acquisition.
The notice said that on November 25, Tatil, a wholly owned subsidiary of Ansa Merchant Bank whose ultimate parent is Ansa McAl Ltd entered into a lock-up agreement with CL Financial Ltd. The agreement would ensure that CL Financial deposits 94.24 per cent of the total shares.
In a letter dated October 28, Central Bank granted approval to Ansa Merchant Bank to become a controlling shareholder of Colfire.
In March 2021, Colfire announced the divestment of the majority of its shares held by parent company CL Financial. The property and casualty insurance company was bid on by Tatil in December last year.
On Colfire’s website it boasts of having 85,000 customers and claims to be one of the top non-life insurance businesses on the market.