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Kampala, Uganda | JULIUS BUSINGE | Starting Oct.11, Phoenix Assurance rebranded and changed its name to MUA Insurance Uganda Ltd or simply MUA following an event that took place at the Sheraton Kampala Hotel a day before.
Phoenix of Uganda Assurance Company Ltd was licensed to do business in Uganda in November 2003, with official transactions starting in January the following year.
In 2014, Mauritius Union Assurance Company Ltd (MUA) bought Phoenix Assurance Group, taking over the latter’s subsidiaries in Uganda, Rwanda, Tanzania, Kenya and Rwanda.
Following the buy in, Mauritius Union Assurance Company, which also operates a branch in Seychelles, started an integration process with its East African acquisitions that has now been completed with this rebranding.
Latimer Mukasa, MUA’s Managing Director for Uganda said by rebranding, they were reaffirming their company culture, reinforcing their values, creating a strong sense of belonging and pride across all their divisions.
Officials said that with this rebranding across all the six countries, MUA would be able to offer its Ugandan clientele more products with several brought in from especially their Mauritius headquarters.
It also means a Ugandan client can seamlessly transact with MUA in any subsidiary in other jurisdictions and vice-versa.
Earlier, the insurance Group announced it was targeting a 57% growth of its business portfolio by the year 2020.
Bertrand Casteres, MUA Group CEO said that “we strongly believe in the potential for growth and further development across East Africa and the Indian Ocean.”
Officials said oil and gas, infrastructure and agriculture are some of the areas that will support this anticipated growth.
The background
Phoenix Assurance Company U.K. first came to Kenya in 1912 becoming one of the first foreign insurance companies to be represented in East Africa and since then, it has been in business in Kenya for 106 years. It later expanded to Tanzania, Rwanda and Uganda.
Then, Mauritius Union Assurance Company Limited (MUA) took over Phoenix Assurance Group in May 2014
Mauritius Union Assurance is the second largest Insurance Company in Mauritius, and is a Public Company, listed on the Stock Exchange of Mauritius since 1993. The 70 year old company was established in 1948.
Apart from Mauritius, the Group operates in Seychelles, Kenya, Tanzania, Rwanda and Uganda.
