Chedid Direct Limited, a company of Chedid Capital, has announced it has become the majority shareholder of MMR Holding Limited, which is based in the Abu Dhabi Global Market and is the owner of the online insurance platform, BuyAnyInsurance.
The transaction offers MMR access to a network of brokers in 60+ countries spanning the Middle East, North and Sub-Saharan Africa, and Asia.
Edwin Hage, Digital Transformation Director of Chedid Capital, commented on the expansion, stating, “acquiring a majority stake in MMR Holding Limited cements our positioning as the market leader in helping brokers and consumers choose and manage their insurance needs.”
“We have a strong track record in successfully integrating complementary businesses and this deal further accelerates our growth strategy, both organically and through acquisitions. We are confident that our partnership with MMR Holding Limited will enable the online aggregator’s swift scale-up to regions where we have a strong presence.”
“The team at BuyAnyInsurance has achieved great success in a short period and its business is highly complementary to ours. We share an ambition to leverage technology, data, and human capital to deliver a world-class customer experience.”
Chedid affirmed its plans to capture a larger share of the online insurance market as consumers become more comfortable buying insurance products online.
Michael Ilyas, Co-Founder and CEO of MMR Holding Limited, added, Today is a proud day in the evolution of MMR Holding Limited as we begin our partnership with Chedid Capital, a powerhouse in the Middle East and Africa insurance and reinsurance markets, with a common vision to make insurance affordable and easily accessible to the consumer.”
“Chedid Capital has been very clear: they want us to continue to grow our business, to continue enhancing the aggregator technology and presence in existing and new markets via our hugely successful online platform, our rapidly expanding network of insurance partners, and the talented BuyAnyInsurance team.”
Chedid Capital is also the owner of reinsurer Chedid Re, which recently appointed Elie Abi Rached as CEO.