Kenya's CAK clears First Chartered to take full control of ICEA Lion
What's the deal? The Competition Authority of Kenya (CAK) has authorised First Chartered Securities Capital to acquire sole control of ICEA Lion Insurance Holdings. The move clears the way for LeapFrog InvestmentsDealroom has a profile for this one. Try Dealroom →, which holds a 24.1% stake through a partnership with Prudential Financial, to exit the insurer.
Who owns ICEA Lion now? First Chartered Securities, controlled by the family of former Central Bank of KenyaDealroom has a profile for this one. Try Dealroom → governor Philip Ndegwa, already holds 75.9% of the holding company. The rest sits with a UK entity owned by LeapFrog Strategic Africa Investments (LSAI), a $350 million fund that LeapFrog and Prudential set up in 2016. If the deal closes, First Chartered would own all the shares.
What's the target? ICEA Lion's subsidiaries cover life insurance, general insurance, and asset management across Kenya, Uganda, and Tanzania.
How the exit unfolded: Prudential agreed in January 2026 to sell its 24% interest. It told investors the sale forms part of a plan to redeploy capital into higher return opportunities, adding that the holding "did not contribute significantly" to its International Businesses segment. LSAI valued the position at $142 million at December 2024.
The price: Neither Prudential nor LeapFrog has disclosed the sale figure. Business Daily reported that Prudential bought the stake from the Ndegwa family for Sh2.4 billion — the original purchase price, not the exit price.
What's still open? Director-General David Kemei signed the gazette notice under section 46(6) of the Competition Act, but it does not state the price or any conditions. The notice settles the competition review only; it does not confirm the sale has closed. Because ICEA Lion runs insurers in three countries, supervisors in Uganda and Tanzania may also have a role.
The signal: LeapFrog has run this playbook before — buying into African financial firms, holding for several years, then selling. The ICEA Lion exit would end that holding after about five years, concentrating ownership in the hands of a founding Kenyan family.
Read more: khusoko.com
Image credit: Jonathan Stonehouse
