Mauritius Union Assurance has consolidated the general insurance businesses of its subsidiaries Saham Assurance Kenya and MUA Insurance (Kenya).
The new entity will operate under the MUA brand.
“As one MUA Team, we are eager to capitalise on the existing momentum,” said Lydia Kibaara-Nzioki, former Saham Kenya Chief Executive Officer set to take over the management of MUA Kenya adding that “We aim to grow our business while remaining true to our core commitment of providing simple and affordable insurance.”
MUA acquired Saham Kenya in 2020 as part of its expansion strategy in East Africa.
The Kenyan subsidiary seeks to provide the best in class products for clients.
“The acquisition of Saham Kenya in July 2020 contributed 18% to the total growth of 42% in gross premiums earned by the East African subsidiaries,” MUA said in its 2020 Annual Report.
“However, these results were adversely affected by one-off transaction costs related to the acquisition of Saham Kenya and changes in accounting policy in Kenya and Tanzania.”