Mauritian insurance company (MUA) has reportedly completed the acquisition of Kenya-based Saham Assurance company for a sum of KSH1.23bn ($11.5m).
The transaction was approved by the Insurance Regulatory Authority (IRA, Kenya), the COMESA Competition Commission and the South African Reserve Bank.
The acquisition is part of MUA’s expansion strategy in East Africa and is expected to strengthen its presence in the Kenyan insurance sector.
Saham Kenya, which was previously owned by the Pan-African insurance group Sanlam Pan Africa, has a market share of 1.54% with KSH1.62bn in premiums.
The acquired company will operate under the MUA brand. As part of the transaction, Saham Kenya CEO Lydia Kibaara will be in charge of the management of the merged entity.
MUA Group CEO Bertrand Casteres has been quoted by Ecofin Agency as saying: “With this acquisition, we confirm our growth path and long-term ambitions in Kenya. It is also a validation of our three-year strategy ‘Ambition 2020’ which plans substantial investments to finance our growth in Kenya and more broadly in East Africa.
“Saham Kenya’s team will be integrated in accordance with the group’s values and will find their place within the MUA family. I would also like to thank the Kenyan authorities and notably the IRA for their active cooperation in the completion of this investment, which bears testament to a dynamic financial services sector.”