13 January 2020
MUA Ltd, through its subsidiary MUA Insurance (Kenya) Limited (“MUA Kenya”), announced today that it is entering into a Share Purchase Agreement (SPA) to acquire 100% of Saham Assurance Kenya Limited (“Saham Kenya”). The transaction is subject to regulatory and other relevant approvals.
- The move is a strategic opportunity with a significant growth potential that allows MUA to reinforce its presence in East Africa and especially in Kenya.
- The acquisition represents a major breakthrough in MUA’s regional expansion journey.
- MUA reaffirms the ambitious targets set out in its three-year Strategic Plan Ambition 2020.
- MUA Kenya will occupy a more robust position in the Kenyan short-term insurance market with complementary strengths and economies of scale between MUA Kenya and Saham Kenya expected to lead to significant value creation.
“This transaction is another important milestone in the execution of our Strategic Plan MUA Ambition 2020, as we will reach a critical mass that will allow us to fully capture the significant growth potential of the insurance markets in East Africa”, said Bertrand Casteres, Group CEO of MUA.
“We are convinced that MUA Kenya will strongly benefit from the consolidation with Saham Kenya by realising considerable synergies. The two companies not only share product and distribution strengths but they are also aligned by a common culture around people, risk management and innovation.
This acquisition further reaffirms our commitment to position MUA Kenya as a strong player in the short-term insurance industry in Kenya. We aim to continue bringing innovation, professionalism and customer-centric products into a Kenyan market full of opportunities."
Download the full Press Release here.