Hong Kong-listed Frontier Services Group (FSG) has received an insurance licence to operate in the Democratic Republic of Congo through a subsidiary, Reuters reports.
FSG is a security and logistics company run by Erik Prince, founder of private security contractor Blackwater.
The licence was issued by Congo’s Insurance Regulation and Control Authority (ARCA) to Global Pioneer Insurance, which is majority-owned by FSG’s Congo-based subsidiary, whose main business is minerals and security, the report said.
ARCA also issued insurance licences to Kenyan firm Mayfair Insurance, pan-African Sunu Group, and three insurance brokerages. These moves are part of the Congolese regulator’s efforts to liberalise its insurance sector and spur economic development in the Central African nation of around 92 million people.
According to the report, FSG is working closely with major Chinese investment company CITIC, and it also provides services to Chinese businesses operating on the African continent.
