Frankmash snaps up FMH’s actuarial unit

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.

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.

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