Alexander Forbes Group Holdings has acquired a significant stake in African Actuarial Consultants (AAC), one of the largest independent actuarial consultancies based in Zimbabwe with a growing presence in the region. 

The acquisition is subject to regulatory approval.

Andrew A. Darfoor, Group CEO of Alexander Forbes, said AAC gives Alexander Forbes a foothold into the Zimbabwean market which has significant upside growth potential when, as expected, the economic climate improves.

“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,” he said.

AAC, which started operating in 1993, offers end-to-end actuarial and advisory services to leading insurers, reinsurers and large pension schemes in Zimbabwe as well as compensation and medical schemes. 

It also has regional clients and a staff complement of 25 people.

Tinashe Mashoko, the Managing Director of AAC, said the company is delighted to become part of Alexander Forbes, whose market leading position will strengthen AAC’s business and allow it to grow its client base not only in Zimbabwe but in the region as well.

“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,” he said.

“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,” he said.

The acquisition of AAC is in line with Alexander Forbes’ growth strategy to expand into selected markets in Sub-Saharan Africa under the Emerging Markets Division, which already has businesses in Botswana, Namibia, Uganda and Nigeria. 

It adds scale to Alexander Forbes’ Consultants & Actuaries business line and further enhances its existing talent and client base.

Darfoor.said Alexander Forbes has ambitious growth plans in Sub-Saharan Africa and will continue to explore and evaluate potential acquisitions in this regard.