MUA finalized the acquisition of 100 per cent of Saham Assurance Kenya for Sh1.2 billion through its subsidiary MUA Insurance Kenya.

Mauritius Union Assurance Company (MUA) and Saham Kenya will be relocating to Lynwood Court on Waiyaki Way in Westlands following their merger last year.

However, Saham says it will maintain some operations at Ecobank Towers in Nairobi Central Business District even as it moves to Westlands.

The two companies are at the tail end of integrating operations after Saham Kenya CEO Lydia Kibaara took over the management of the merged entity.

MUA finalized the acquisition of 100 per cent of Saham Assurance Kenya for Sh1.2 billion through its subsidiary MUA Insurance Kenya, formerly known as Phoenix of East Africa Assurance Company.

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The move is second such acquisition by the Mauritian biggest underwriter by market share, marking its expansion into the East African market where it had acquired of Phoenix Transafrica Holdings (with a presence in Kenya, Tanzania, Uganda and Rwanda) in 2014.

With the acquisition the firms are targeting and long-term strategy in Kenya dubbed “Ambition 2020” which entails substantial investments to finance our growth in Kenya and more broadly in East Africa.

The East Africa operations account for about a quarter of their revenue.

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