Singapore-based Orient Victoria Capital and South Africa’s KP Partners are buying into King Price Insurance Namibia through a transaction that will give the two firms indirect control of the insurer.
The deal involves the acquisition of King Price Financial Services (KPFS), the South African parent company that controls King Price Namibia.
While the value of the transaction and the size of the shareholding acquired were not disclosed, the move gives the foreign investors a foothold in Namibia’s short-term insurance market.
King Price Namibia provides non-life insurance products including vehicle, home, building, personal accident, commercial and engineering cover.
The transaction also includes South African firm Porcupine Union, which provides actuarial modelling, pricing systems, digital services, payroll, marketing and human resources support to companies within the King Price Group.
Orient Victoria Capital currently has no direct operations in Namibia.
However, the wider Orient Group already has indirect exposure to the local market through Karooooo Limited, which owns vehicle tracking and fleet management company Cartrack Namibia.
KP Partners similarly has no other business activities in Namibia outside its interests linked to King Price.
The Namibia Competition Commission has approved the transaction without conditions after concluding that the deal is unlikely to reduce competition or create a dominant market player in Namibia’s insurance sector.
The regulator assessed the acquisition across the country’s short-term insurance market as well as related actuarial, digital and support service industries before granting approval.
