Mauritian insurer MUA places $12m of its capital in SAHAM Kenya
With the purchase of South African company Sanlam’s subsidiary, the group led by Bertrand Casteres plans to boost its growth in East Africa, which represents 25% of its activity. It will bring its current local subsidiary closer to SAHAM Kenya, operating under the single MUA brand and entering the country’s top 10.
06/07/2020 at 17h11, by Africa Business+
Jeune Afrique Business+ can confirm that Mauritian insurer MUA Ltd has just acquired 100% of SAHAM Assurance Company Kenya Limited for $12.3m from South African Sanlam. “Our profitability and the solidity of our balance sheet, with a solvency ratio of 220%, have enabled the group to make this acquisition without debt, which is a considerable boost to our activity in East Africa,” says the Franco-Mauritian Bertrand Casteres, Group CEO of MUA.
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