Connect with us

Hi, what are you looking for?

The company will now be operating as UAP Century Insurance Company Limited/FILE


UAP enters Tanzania market

The company will now be operating as UAP Century Insurance Company Limited/FILE

The company will now be operating as UAP Century Insurance Company Limited/FILE

NAIROBI, Kenya, Jun 6 – UAP Group, through its wholly owned subsidiary UAP Africa Limited, has acquired a 60 percent stake in Century Insurance Company Limited, a general insurance company operating in Tanzania with the head office in Dar-es-Salaam.

The company will now be operating as UAP Century Insurance Company Limited.

Thanking the Tanzania Insurance Regulatory Authority (TIRA) for approving the deal, UAP Group Managing Director Dominic Kiarie said the move to expand into Tanzania was part of the group’s pan-African expansion strategy that targets countries with lucrative growth opportunities in the Common Market for East and Southern Africa (COMESA) region and other parts of Africa.

“We are grateful to the Tanzanian authorities for giving us the green light to start operations in Tanzania through the acquisition. We see a great opportunity for growth of the insurance and financial services sectors in Tanzania, as the Country moves towards achieving middle income status by the year 2020,” he said.

“We are keen to replicate the success that UAP has enjoyed in Kenya over the years in the Tanzania market and other markets that we intend to venture, by providing innovative insurance and related financial services that caters for the needs of both individuals and organizations,” he added.

Kiarie noted that UAP Century Insurance will provide general insurance services including, marine and aviation insurance.

UAP Group will explore possibilities of introducing its full financial services offering in the Tanzania market in the near future.

UAP Group products and services include life insurance, investment management, property investments and developments, which would go a long way in improving these sectors of the economy thereby contributing to the improvement of living standards in Tanzania.

“We are recruiting local talent with strong potential in order to develop credible services designed to cater for the needs of the people of Tanzania,” he said.

The decision to enter the Tanzania market now increases the group’s presence to six countries in Africa, following its entry into Uganda in 2004, South Sudan in 2006, Rwanda in August 2012 and the Democratic Republic of Congo (DRC) in November 2012.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...