The Insurance Regulatory Authority (IRA) has rejected the planned acquisition of Saham Assurance Kenya Limited by Mauritius Union Assurance company (MUA).
In a public notice, Godfrey Kiptum, Commissioner of Insurance & Chief Executive said, “Please note this transaction has not been approved by the Insurance Regulatory Authority as provided for under the Insurance Act.”
This comes after the Mauritius Union Assurance (MUA Ltd) announced interest to acquire a 100% stake in Saham Assurance of Kenya through a Share Purchase Agreement (SPA) through its subsidiary MUA Insurance (Kenya) Limited (“MUA Kenya”).
