Origination Memo: Madison Insurance Private Placement 2026

Date: 2026-02-20 Author: Ceasar Siwale, Managing Director Status: Approved

Issuer

Madison General Insurance Company Limited is the largest listed general insurer in Zambia by gross written premium. The company has been profitable for nine consecutive years and maintains a solvency ratio above the Pensions and Insurance Authority minimum.

Transaction Thesis

Madison seeks to raise ZMW 2.5 billion (approx. USD 100 million) via a private placement to fund expansion of its bancassurance channel, regulatory capital buffer under the revised PIA framework, and a digital claims platform. The placement will target domestic institutional investors (NAPSA anchor) with an IFC co-investment tranche.

Why Pangaea

Pangaea has an existing advisory relationship with Madison's board. The deal fits squarely within our domestic private placement expertise. IFC's interest, surfaced through our DFI network, de-risks the international tranche.

Recommended Next Step

Proceed to investability assessment. IFC preliminary engagement to be maintained by James Banda. KYC is complete. No outstanding blockers.

Risk Flags

• Related-party transactions between Madison General and Madison Life require disclosure. Disclosure schedule to be produced in investability assessment phase.
• Insurance sector regulatory environment in flux following PIA Act amendments. Legal opinion required.