Billionaire investor, Chris Kirubi and Centum investments Company have earned themselves Sh 8.9 billion($ 97.6 million) with buying of 23.3 percent stake in UAP holdings by Old Mutual holdings.

Kirubi will earn sh 2.8 billion, having 9.5 percent stake in the insurance company

The transfer of shares now increases the financial services company’s presence in East and Central African to six more countries.

The consideration will be paid in cash and will be funded from existing Group resources.

In Kenya, UAP Holdings Limited has the third largest Property and Casualty (P&C) market share.

It is the second largest health insurance business with a substantial property investment portfolio having established distribution networks through brokers and retail supermarkets.

“This investment is another significant step in delivering the Group’s aim of becoming an African financial services champion. UAP is an ideal and complementary fit to our existing Kenyan businesses and we look forward to deepening and broadening our relationship in the future.” Old Mutual Emerging Markets Chief Executive , Ralph Mupita, said

Old Mutual Kenya has more than 500,000 customers through its activities in life insurance, asset management and micro-finance.