The Mauritius Union Assurance Cy. Ltd (MUA) is strengthening its position in the Rwandan market by increasing its stake in the group’s local subsidiary. MUA now controls 80% of the shares of Phoenix of Rwanda Assurance Company Ltd. (PRAL), directly and through Phoenix TransAfrica Holdings Limited (PTHL). MUA has bought out minority shareholders representing 45% of the shares in its Rwandan subsidiary.
PRAL which is a subsidiary of MUA is dedicated to provide non-life insurance products and has been licensed in Rwanda since 2006. The company currently operates 7 Branches in Kigali, and an additional 7 branches outside the capital.
One of the fastest growing economies in Africa over the last 20 years according to the ‘World Bank Doing Business Report’, Rwandan economy has expanded by an average of 8.1% annually since 2001. Rwanda is the second highest ranked country in Africa after Mauritius in terms of ease of doing business.
Bertrand Casteres, the MUA Group’s Chief Executive Officer, commenting on the acquisition, stated that : “we are pleased with the increase in our shareholding in PRAL, and is an important milestone in our Group’s investment in this region. East Africa today represents about 25% of our turnover, but we aim to significantly increase that figure in the next 3 years. Our Rwandan operations have made important strides, with the upgrading its IT infrastructure and the integration of various business systems developed for our other markets. With the good growth experienced in 2017, we are confident that PRAL will continue to gain market share and reinforce its position as a key insurance player in the country.”