Nairobi, Aug. 13 -- An investment firm associated with Prime Cabinet Secretary Musalia Mudavadi is in talks to buy majority stakes in two insurance firms from South Africa's Absa Group.

Absa Group on Thursday evening announced that it has inked an agreement to sell its majority stake in Absa Life Assurance and First Assurance Kenya Limited to its Kenyan partner-First Assurance Investments Limited.

The South African financial giant is exiting the insurance business in a number of African countries, including Botswana, Zambia and Mozambique, as it increases its stake in the Kenyan subsidiary.

A search at public registry revealed that First Assurance Investments is owned 52.5 percent by Syndicate Nominees, a company Mr Mudavadi said he ow...