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June 8, 2022

Mauritius-based MUA eyes insurance market in East African countries

Mauritius-based insurance company MUA is looking to expand operations in several East African countries, Bloomberg has reported.

MUA CEO Bertrand Casteres believes that in future, most of the growth is expected to come from East African nations.

The insurer, which currently has operations in Kenya, Uganda, Rwanda and Tanzania, aims to capture 10% of the market in East African markets.

“Mauritius is a tiny stone in the Indian Ocean,” MUA chief said in an interview earlier this week.

“The premiums from Africa will get bigger and bigger in the coming years,” he added.

“In the next two or three years our priority, given the investments in East Africa, more than 50% of our equity base, is to create value out of our investments,” Casteres said. “We keep our ears open, our eyes open to see whether there is any other opportunity in another market but that’s not our priority at the moment.”

MUA acquired Phoenix Transafrica Holdings and Saham Kenya in 2014 and 2020, respectively, to bolster its presence in East African markets.

The news follows a recent agreement between MUA and French development finance institution Proparco for a $10m equity investment.

MUA plans to use the proceeds to bolster its financial capacity and support its sustainability initiatives.

At the time, Casteres said: “We are looking forward to working with Proparco to strengthen the group’s financial capacity and expand insurance coverage in East Africa.

“As we embark on a new phase of our regional journey with this respected partner, we aim to deliver on our sustainability objectives and have a greater social impact. “Along with the equity proceeds, Proparco brings its considerable regional experience, world-class capabilities and an extensive cross-sector network.”

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