FIRST Mutual Holdings Limited (FMHL) has sold African Actuarial Consultants (AAC) to Frankmash Enterprises, a move which will result in the creation of an independent actuarial consultancy firm.
BY BUSINESS REPORTER
The transaction was concluded at the end of November and becomes effective from January 1.
FMHL group chief executive officer Douglas Hoto told NewsDay yesterday that the decision to sell the actuarial unit came after realising that AAC had the capacity to offer services to the local market, but could not do by virtue of being owned by the financial services group.
“We had developed enough to give business to other market players, but it was difficult to do so as AAC were conflicted,” Hoto said.
He said FMHL would retain AAC to continue doing actuarial services for the group.
Frankmash is led by actuary Tinashe Frank Mashoko, with 19 years’ experience spanning across all aspects of actuarial services. Mashoko takes over as executive chairperson of AAC from January 1.
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Mashoko qualified as an actuary in 1999 and as a CFA charter holder in 2001.
He has held various leadership positions in leading multi-national financial institutions such as Old Mutual, PwC and Alexander Forbes.
AAC was established in 2003 to do actuarial services for FMHL. It managed to attract a number of resident actuaries, thereby boosting its profile. It offers customised actuarial services in the Life, Health, Employee Benefits and short term practice areas.
