Proparco, the French development finance institution and the private financing arm of AFD Group, is set to make an equity investment of $10 million in MUA to become its largest international institutional shareholder.
MUA is a regional insurer with operations in Mauritius, Kenya, Uganda, Rwanda, Tanzania, and the Seychelles.
This investment will strengthen Mauritius-based MUA’s ability to improve insurance coverage in Africa and accelerate the group’s digital transformation.
“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,” said MUA Group CEO Bertrand Casteres.
MUA is the ultimate holding company of the group and it is listed on the Stock Exchange of Mauritius (SEM) since 1993. It is the largest insurance company listed on the SEM and is included in the Stock Exchange of Mauritius Sustainability Index (SEMSI).
Its short-term insurance subsidiary is The Mauritius Union Assurance Cy. Ltd (MUACL), established in 1948. The company has grown significantly over the years. With a 25% market share, MUACL is the local leader in terms of net earned premiums in Mauritius.
MUA, through its other subsidiaries, also offers long-term insurance, corporate pension, mutual fund investment, stockbroking, and reinsurance services in Mauritius.
In 2014, the group embarked on an ambitious regional expansion plan, starting with the acquisition of Phoenix of East Africa Assurance Company, with operations in Kenya, Uganda, Tanzania and Rwanda.
In 2018 the group’s various entities came together under a single brand MUA. A year later, MUA underwent a restructuring with the aim of simplifying the operations of MUACL, its subsidiaries and associates through the separation of the insurance operations in Mauritius and the group’s international activities. MUA was incorporated as a new legal entity to act as the ultimate holding company.
It employs over 825 people across its entities in Mauritius, Kenya, Uganda, Rwanda, Tanzania and the Seychelles.