OLEA Insurance Solutions, a pan-African specialist in insurance markets, is accelerating its expansion on the African continent by setting up in South Africa. Recently the company announced its acquisition of a majority stake in the APIO Group, a boutique financial services business based in Johannesburg South Africa, founded ten years ago by two industry professionals, Richard Hood and Derek Strydom.
The OLEA management team is highly motivated by this acquisition as they strongly believe the DNA of the companies are similar, which would support a long-term strategy to create a dynamic player in the insurance broking space in South Africa, alongside an international footprint and market-leading positions in other key regions of Africa.
OLEA’s interest in expanding their business into South Africa with their partnership with APIO was based on the following:
Olivier Dubois, President of OLEA, commented: “It is a real pride for our group to establish itself in South Africa, and we are very happy that the team from the APIO Group joins the OLEA family. The company, which is now present in 24 countries and has +350 employees, is experiencing sustained growth, which validates the daring development model for which we have opted: a pan-African approach and a deployment mainly thanks to the expansion of our network of partners and subsidiaries. Today, we offer our clients a strong, technical local partnership with strong ethical rules.”
Vincent de Charnacé, CEO of Southern and East Africa adds “Indeed, the South African market is a significant player on the continent. In the Apio Group, we have a young and dynamic company that is technologically driven with an energetic leadership team. People and relationships are key for OLEA, so it makes sense for us to establish ourselves in a territory with like-minded people who share our personal and professional values, to enhance our servicing capabilities.”
Richard Hood, Co-Founder, and Director of the APIO Group states: “We are delighted with this merger between APIO and OLEA, which aims to position the group as a significant independent broker on the continent. With many of our clients expanding into Africa and beyond, it places us in a unique position of being able to serve businesses in any territory in the world, through an established network of like-minded independent brokers. The technical know-how and business network OLEA brings to our business will be immeasurable in providing additional capacity and risk solutions to our clients. Having been in business for 10 years now, we believe this is a positive step in the enhancement of our capabilities.”
OLEA is a Retail insurance broking company; founded in January 2017 by Olivier Dubois and Olivier Canuel, two recognised experts in the African insurance market. OLEA is an active and high-powered player in providing in-depth expertise adapted to the new dynamism and the strong economic growth in the African continent. After more than four years of operations, OLEA is already established in twenty-four countries across the continent. Since April 2018, Olea has started its expansion in East and Southern Africa by the acquisition of interests in reputable insurance brokers in Kenya, Rwanda, Tanzania, Zambia, Angola, and Mozambique. East and Southern Africa are considered key areas of expansion for OLEA.
The APIO Group was founded in 2011 by well-known local industry professionals Richard Hood and Derek Strydom and has become a prominent financial services business in South Africa serving more than 2 500 customers generating more than USD12 Million premium revenue and through their Wealth business, USD50 Million assets under management. Although APIO roots were established in the corporate world, they are firmly a management-run independent retail broker, consulting a diverse range of clients in many industry segments notably, mining, manufacturing, energy, transport & logistics, healthcare, and hospitality. In addition to the expertise in the non-life insurance segment, the APIO Group also boasts a Financial Planning and Employee Benefits business, to further enhance their ability to provide customised solutions to their clients.