Phoenix eyes 57% growth as it rebrands to MUA Insurance

Having traded in Uganda as Phoenix Assurance, since incorporation in November 2003, the insurance company will now be simply known as Mauritius Union Assurance Company Ltd (MUA).

In 2014, MUA bought Phoenix Assurance Group, taking over all the latter’s subsidiaries in Uganda, Rwanda, Tanzania, Kenya and Rwanda.

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.

The seventh biggest insurance underwriter in Uganda announced the change of name at the Sheraton Kampala Hotel, on Wednesday, October 10, 2018.

According to Latimer Mukasa, the Managing Director, MUA Uganda, Uganda clientele will now have access to a longer list of products, with several brought in from especially the Mauritius headquarters.

“It also means a Uganda client can seamlessly transact with MUA in any subsidiary in other jurisdictions and vice-versa,” Mukasa added. 

In September 2017, the insurance Group launched a three-year group strategic plan, codenamed Ambition 2020 that is supposed to guarantee 57% growth by September 2020.

With insurance penetration in Uganda standing at below 1%, Mukasa is positive that these ambitions can be met especially with the emerging of the aforementioned opportunities in oil and gas, infrastructure (roads, railways, hydropower) and agriculture.