Prudential Plc has announced plans to purchase Kenya’s Shield Assurance Co., an investment that represents Prudential’s second acquisition in Africa following the acquisition of LeapFrog Investments’ stake in Ghanaian insurer, Express Life for an undisclosed amount last year.

Prudential intends to make a further $16.9 million investment over the next one year in Shield Assurance and create 4,000 jobs by 2020. It also plan to open an East Africa unit in Nairobi.

Prudential is making headway into Kenya’s growing insurance market which has proved robust and resilient over the years. In March 2014, global rating firm, A.M Best said Kenya, Nigeria and Ghana made the top three African countries with the most profitable potential for insurance.

Also, a report released by the Association of Kenyan insurers (AKI), revealed that the insurance industry made a net profit of Sh14.5billion in 2013 compared to Sh11.6 billion it made the year before.

Prudential CEO, Tidjane Thiam who led the company’s first acquisition in Africa said the investment is an important milestone for the company.