Doha: GML, the Mauritian conglomerate with an international footprint, and Chedid Capital, the multi-awarded insurance and reinsurance regional broker have recently entered into a strategic partnership agreement, signed in Dubai, to form a 50-50 joint venture that aims to play a major role in the insurance brokerage sector across East Africa and the Indian Ocean region. The new company called GML-Chedid & Associates East Africa Ltd combines GML’s strong regional presence with Chedid Capital’s established insurance and reinsurance industry expertise.
The strategic and financial advisory firm Creed Capital was working on structuring the strategic partnership agreement and the subsequent joint venture. GML and Chedid Capital have acknowledged the major synergies that they would offer in delivering together highly performing insurance brokerage services.
Arnaud Lagesse, the CEO of GML, said. “We are indeed proud to join forces with Chedid, a renowned company. Everyone is talking about Africa and we happen to have a sound experience of doing business on the continent. This new venture will allow us to tap into the lucrative markets in East Africa whilst relying on Chedid’s expertise and GML’s proximity and knowledge of the earmarked regions. Added to this is the availability of talent in Mauritius as well as the fantastic resources and current infrastructure, which cannot be overlooked”.
Farid Chedid, the Founder and CEO of Chedid Capital is equally delighted about the prospect of this long term partnership with GML and said: “We are overjoyed to join forces with a prominent group such as GML for entering the East African market. We are confident that by coupling our established expertise with GML’s regional presence, we would succeed in delivering highly innovative insurance solutions to an expanding number of corporations and SMEs in the region, across an increasing number of insurance lines that would be covering major rising economic sectors in East Africa such as energy, construction, marine and others.” The Peninsula
