The Mauritian insurance company MUA Ltd ("MUA") has announced consolidation of the general insurance businesses of its subsidiaries Saham Assurance Kenya and MUA Insurance (Kenya).
The two firms are now set to start operating as one entity in the country, under the MUA brand and will have the full support of the MUA group.
The amalgamation of the two businesses follows the receipt of all the necessary regulatory approvals from the Insurance Regulatory Authority.
“As one MUA Team, we are eager to capitalise on the existing momentum. We aim to grow our business while remaining true to our core commitment of providing simple and affordable insurance,” said Lydia Kibaara-Nzioki, former Saham Kenya Chief Executive Officer set to take over the management of MUA Kenya.
MUA has been present in the region since 2014, with operations in Kenya, Tanzania, Uganda and Rwanda.
It is now able to consolidate its insurance activities in Kenya, with the aim of increasing its Kenyan market share.
Saham Kenya, previously part of the pan-African insurance group Sanlam, is one of the largest insurance companies in Kenya.
With an experienced management team, a strong reputation in the market and extensive operational knowledge, Saham Kenya’s full amalgamation into MUA is complimentary and opportune.
The amalgamated businesses will operate under the MUA brand and will have the full support of the MUA group.
The MUA group has demonstrated its ability to innovate, digitalise, and brings in its extensive international network and technical expertise, which are all key success factors to drive the business forward.
In Kenya, the focus will be on implementing new core information systems and leveraging those, while pursuing a strategy of profitable business growth and digitalisation for the rapidly growing Kenya population.
MUA completed the acquisition of Saham Kenya in July 2020, in a deal worth Sh1.23 billion.
