Madison Insuranc

completed

_x000C_Lawrence Sikutwa & Associates, trading as Madison Insurance Group (Madison Group, or the Group or the company), was established in 1994 to hold and represent shareholding interest of management in Madison Insurance Company following the liquidation of Meridien International Bank, which was a holding company for Madison Insurance Company Limited. Following the amendment of the Insurance Act in December 2005 to enforce a segregation of operation between life insurance and non-life insurance underwriting, Madison Insurance Company Limited was split into two business entities namely: Madison General Insurance Company (Zambia) Limited and Madison Life Insurance Company (Zambia) Limited. The Group has also expanded to include Madison Investment Company Limited and Madison Health Solutions Limited. The project consists of an equity investment of up to $2 million for a shareholding of up to 15% (IFC Equity Investment) and a senior loan of up to $3 million (IFC Loan) to the Group. Madison Group is the leading insurance group in Zambia. The project’s main objective is to strengthen and expand the operational capacity of Madison Group in Zambia. The proposed investment allows IFC to:_x000B_- support mid-tier local insurance groups in the African region both through financial and non-financial assistance;- support the Group with its strategy of expanding its activities into property development and mortgage financing through its subsidiary Madison Investment Company Limited.