The Mauritian Insurance company MUA Ltd Thursday announced the consolidation of the general insurance businesses of its subsidiaries Saham Assurance Company Kenya Limited and MUA Insurance (Kenya) Limited.
The merger follows the receipt of all the necessary regulatory approvals from the Insurance Regulatory Authority.
According to Lydia Kibaara-Nzioki, former Saham Kenya Chief Executive Officer, they are particularly eager to capitalise on the existing momentum.
We aim to grow our business while remaining true to our core commitment of providing simple and affordable insurance and being caring and attentive to the needs of our clients. For the coming weeks, we are now solely focused on providing our partners and clients with the excellent service that they deserve as we fine-tune our operations.
The consolidated MUA Kenya team is now operating from their new and larger offices in Lynwood Court (off Waiyaki Way) Nairobi.
A comprehensive human resources strategy is being implemented for optimal integration of the teams, under the leadership of Lydia Kibaara- Nzioki and her management team, with the commitment from MUA not to undertake a workforce rationalisation.
MUA has been present in the region since 2014, with operations in Kenya, Tanzania, Uganda and Rwanda. It is now able to consolidate its insurance activities in Kenya, with the aim of increasing its Kenyan market share.
Saham Kenya, previously part of the pan-African insurance group Sanlam, is one of the most respected insurance companies in Kenya. With an experienced management team, a strong reputation in the market and extensive operational knowledge, Saham Kenya’s full amalgamation into MUA is complimentary and opportune.
The amalgamated businesses will operate under the MUA brand and will have the full support of the MUA group. The objective being to achieve critical mass in Kenya and ensure long term growth.
The MUA group has demonstrated its ability to innovate, digitalise, and brings in its extensive international network and technical expertise, which are all key success factors to drive the business forward.
In Kenya, the focus will be on implementing new core information systems and leveraging those, while pursuing a strategy of profitable business growth and digitalisation for the rapidly growing Kenya population.