INTERVIEW – Farid Chedid, CEO of Chedid Capital, talks for News Assurances Pro about the group’s latest development projects, between the deployment of Chedid Insurance Brokers in Egypt and the opening of new offices for Chedid Re, particularly in Paris.
How was the start of the year for the Chedid Capital group?
Chedid Capital recorded a 10% increase in its turnover over the first 6 months of 2022, which is significant given the size of the group.
This good performance is notably driven by the activities of Ascoma and Chedid Re, as well as by our brokerage activities in the Middle East. Synergies across the group also continue to strengthen, particularly in terms of revenue.
What about Chedid Re’s development in Africa?
We have just opened an office in Abidjan which will be a new local support for our customers, particularly located in the CIMA zone, in addition to our office in Casablanca.
We are also finalizing the opening of an office in Paris in order to extend our development capacity to French-speaking Africa. This new establishment within a major reinsurance center should allow us to attract the best specialists on the market to then offer our clients the capacities of French insurers and reinsurers.
We want to make our Paris office a center of excellence with the aim, within 2 years, of having a team of around ten people.
You are also developing Chedid Insurance Brokers in Egypt. Why this choice ?
Last June, we obtained approval to operate in Egypt as a business risk insurance broker (SME and ETI). This new location allows us to extend the footprint of Chedid Insurance Brokers in Arabic-speaking Africa, when Ascoma covers all of French-speaking and English-speaking Africa.
In Qatar for example, our two brokers can also be active together.
This new location contributes above all to the diversification of the group, which I see as a puzzle that we are completing as we go along.
Precisely, what other related activities are you developing?
We have also just acquired a majority stake in a digital insurance comparison platform in the United Arab Emirates. baptized “Buy Any Insurance”this time it is aimed at individuals and offers home, auto, health and travel insurance coverage.
Digital insurance intermediation for individuals, which is much more profitable than traditional brokerage, once again contributes to the diversification of our activities.
We are a specialist in the Middle East and Africa, but the margin for growth in these relatively small markets is small in our traditional businesses, which are brokerage and reinsurance. So we have to create new sources of growth and that’s why we also have a small insurance company in Qatar, for example.
Are you always open to new acquisitions?
We are always attentive to acquisition projects that could strengthen our presence on the continent and the complementarity of our activities.
The development of the Chedid group is part of the long term and we do not make acquisitions to part with it quickly. The group relies on solid resources and stable management. We are not “backed” by a private equity fund. This allows us to calmly look forward to the next 15 to 20 years.