(MUA ) – Present in Kenya since 2014, the leading insurance company in Mauritius reaches another important milestone in its expansion strategy in East Africa by completing the acquisition of Saham Kenya.
The Mauritian insurance company MUA Ltd ("MUA") announces the completion of the acquisition of Saham Assurance Company Kenya Limited ("Saham Kenya") , through its subsidiary MUA Insurance (Kenya) Limited (“MUA Kenya”). Present in the region since 2014, following the acquisition of Phoenix Transafrica Holdings (with a presence in Kenya, Tanzania, Uganda and Rwanda), MUA significantly strengthens its local presence through this acquisition, sending out a strong signal about the group’s confidence in the Kenyan insurance sector.
The transaction follows regulatory approval by the Insurance Regulatory Authority (IRA, Kenya), the COMESA Competition Commission and the South African Reserve Bank. The Kenya Competition Authority was also duly notified of the acquisition.
Saham Kenya, previously owned by the pan-African insurance group Sanlam Pan Africa, is one of the most dynamic insurance companies in Kenya. With an experienced management team, a strong reputation in the market and extensive operational knowledge, Saham Kenya’s integration into MUA is complementary and opportune. Indeed, the two companies share certain key characteristics in terms of corporate structure, values, culture and market knowledge.
The integration of the two teams is expected by the end of the year and is subject to IRA approval. This would enable MUA to strengthen its market position and trigger significant value creation. The Chief Executive Officer of Saham Kenya, Lydia Kibaara, will take over the management of the merged entity. Previously an executive at the largest insurance company in Kenya, she brings with her extensive market knowledge. The current CEO of MUA Kenya, Ashraf Musbally, retains oversight of the East African subsidiaries and remains on the Board of the holding company.
The consolidated business, which will operate under the MUA brand, will have the full support of its parent company in Mauritius, in order to achieve critical mass in Kenya and ensure long term sustainability. MUA, one of the leading insurance players in Mauritius has demonstrated its ability to innovate, digitalise, and brings in its extensive international network and technical expertise, which are all key success factors and will drive the business forward.
MUA’s development strategy in Kenya and in the region is based on the professionalism of its intermediaries and enhanced product and service offering, through the extensive use of new technologies and the deployment […]
