LEAPFROG ACQUIRES MAJORITY STAKE IN GHANA’S UT LIFE

LeapFrog Investments has acquired a majority stake in Ghana-based life insurer UT Life. The deal is LeapFrog’s third investment in Ghana, and second in the life insurance sector. UT Life has targeted reaching more than one million people by 2020. The insurer was acquired in 2010 by UT Holdings, which also owns a majority stake in UT Bank and will remain a shareholder in UT Life. LeapFrog said the Ghanaian market offers major opportunities for growth, as insurance penetration is below 2% of GDP. Last month LeapFrog joined forces with US insurance group Prudential Financial to launch a $350m investment partnership targeting high-growth markets in Africa. LeapFrog will manage the investment vehicle, which will target investments in life insurance companies in leading economies on the continent, including Ghana, Kenya and Nigeria, to be made over a three- to five-year period.