, 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.