Private equity firm Amethis has bought a 39.5% stake in African financial services group Zamara Holdings. The deal gives Amethis a significant share in the Nairobi-based company, which provides insurance, pension and actuarial services across eight markets. Zamara operates in Kenya, Uganda, Tanzania, Rwanda, Nigeria, Malawi, the Democratic Republic of Congo and the United Arab Emirates. It has more than 3,700 insurance clients and more than 190 actuarial clients.
The company also manages more than Ksh350bn ($2.7bn) in assets and provides services to more than 200,000 members of Kenyan pension schemes.
Amethis will support Zamara’s plans to expand its business in East Africa. The focus will include digital services, new partnerships and a wider range of financial services.
The deal was submitted to the East African Community Competition Authority for review under Inquiry Notice No. 3 of 2026.
Zamara began in 1994 as the Kenyan branch of UK actuarial firm Hymans Robertson. It became part of Alexander Forbes in 2003 and adopted the Zamara name in 2017 after changes to Kenyan ownership rules.
“We started from very humble beginnings in 1994 as the branch office of a UK firm of consulting actuaries called Hymans Robertson… In 2003, we became part of the Alexander Forbes Group, and that enabled us to increase the scope of our services… In 2017, because of changes in the Kenyan legislation, we rebranded to Zamara,” said Sundeep Raichura, group chief executive of Zamara.
Zamara has since expanded its actuarial services to help insurers meet IFRS 17 rules and manage financial risks.
The company has also launched Fahari Ya Jamii, a mobile pension product aimed at workers in Kenya’s informal economy.
“In the past ten years, we have witnessed significant growth in our actuarial practice area as the breadth of our services and market needs have continued to increase,” Mr Raichura said.
