Leapfrog Investments has agreed to acquire 24.1% of ICEA Lion Insurance Holdings for Sh2.4-billion (US$22-million), which is a company that is controlled by the family of the former Central Bank of Kenya governor Philip Ndegwa. ICEA Lion Insurance Holdings is one of the largest insurers and financial services companies in Kenya that manages key subsidiaries such as ICEA Lion Group – Kenya, ICEA Lion General Insurance – Kenya, ICEA Lion Life Assurance – Kenya, ICEA Lion Asset Management – Kenya, ITSL Trust Company Ltd – Kenya.

LeapFrog Investments is an impact private equity firm that invests capital, people and knowledge in purpose-driven businesses, helping them to grow, be profitable and to have real social impact. Investors in LeapFrog include Accion, AIG, CDC, FMO, IFC, JP Morgan, KfW, Morgan Stanely, Proparco and Swiss Re among many others. LeapFrog has invested in Jumo, Fincare, Express Life and Goodlife Pharmacy in a diversified portfolio of high impact investments.