Pan-African Firm OLEA Becomes the First Broker in Angolan Market

OLEA

Paris, France//-OLEA, the Africa-wide insurance specialist, is accelerating its expansion on the continent by setting up in Angola. The company announced today that it has acquired a majority stake in AIB Angola, the leading Angolan brokerage.

This operation positions OLEA as the only truly pan-African insurance broker, present in the Maghreb, French-speaking Africa, English-speaking Africa, and now also Portuguese-speaking Africa.

After only four years of existence, OLEA is actively increasing its geographical presence. Over the last 18 months, the company has established itself in Rwanda, Zambia, Tanzania, Niger, and now Angola.

As a majority shareholder in AIB Angola, OLEA is now present in 23 countries and has more than 300 employees – a rapid geographical development for a group that also operates out of hubs in Paris, Abidjan, Johannesburg, London, and Nairobi.

Founded in 2010 by Rupert Weterings and Miguel Lucula, AIBA has become the leading broker in the market since 2013, with nearly $50 million in premiums placed by 2020.

AIBA has from the outset accompanied major national and international clients in Angola such as Castel, Total, Chevron, BP, Sonangol, and others.  AIBAnow has a truly diverse client base with recognized expertise in industries as diverse as oil, gas, logistics, manufacturing, retail, mining, consumer goods, and financial services.

Previously, AIB Angola had been working with OLEA since its creation in 2017, initially as a local correspondent.

This transaction reflects the great momentum of OLEA’s pan-African adventure, driven by three strong pillars:

  • A network of subsidiaries built through acquisitions of local firms and creations in greenfield developments, with a presence in 23 countries today, supported by more than 300 employees;
  • A diverse team, driven by a strong corporate vision, and managers who are shareholders in each of their respective subsidiaries.
  • Innovative online and digital information systems, providing clients and partners of the group with exhaustive and real-time information on the risks entrusted to them.

Thanks to these solid foundations, OLEA has placed more than €100 million in insurance premiums on national and international markets in 2020, and focuses mainly on corporate clients (life insurance and non-life insurance). The group’s clients include emblematic companies such as CFAO, ENGIE, BOLLORE, SOMDIAA, BCP, AZALAY, YESHI, VIVENDI, and many others.

In parallel with this majority stake, OLEA has made important strategic changes in 2021. This year, the company has launched OLEA SANTE in 10 countries and initiated many BTOBTOC projects, while strongly developing its expertise in specialty insurance (political risk, cyber security, agriculture, and others).

Thus, the establishment of OLEA in Angola is part of a trend towards rapid deployment in the heart of a country with high potential. Angola is the second-largest oil producer in Sub-Saharan Africa and is experiencing a resumption of large-scale investments, particularly with the proliferation of major infrastructure projects (such as airports, ports, and roads), and a policy aimed at making certain sectors open to a wide range of private investors.

Olivier Dubois, President of OLEA, said: “It is with real pride that our group has established itself in Angola, and we are very happy that the teams of AIB Angola are joining the great OLEA family after years of fruitful collaboration.

The company, which is now present in 23 countries and has over 300 employees, is experiencing sustained growth, which validates the bold development model we have chosen; namely, a pan-African approach, and a deployment operated mainly through the expansion of our network of partners and subsidiaries. Today, we offer our customers strong, technical, local partnerships based strong ethical rules.”

Olivier Canuel, CEO of OLEA, said: “The establishment of OLEA in Angola is part of a strategy of supporting our major customers in a market where growth prospects are promising.

Indeed, the Angolan market is now liberalized and very competitive, and the country is witnessing the emergence of an active, young, and dynamic middle class that is contributing to the development of an insurance sector that is strongly driven by life insurance; a challenging environment, but one that boasts countless opportunities.

Rupert Weterings, Founder of the AIB network (Angola, Tanzania, Mozambique, and DRC) and OLEA’s Director of Development, added: “We are delighted with this merger between AIB Angola and OLEA, which aims to make the two structures one company.

This operation solidifies the strength of the partnership established between the two groups, with a common DNA and a collective ambition to become a point of reference in the pan-African brokerage industry”.

African Eye Report