Uganda
South Africa’s liberty has acquired a controlling stake of a Ugandan short-term insurer in line with the firm’s expansion strategy.
The number four South African firm now has a 51 per cent stake in East African Underwriters Ltd (EAUL) of Madhvani Group, one of the largest conglomerates in Uganda.
The cost of the takeover was not disclosed.
EAUL, an incorporated and licensed insurance firm, covers all commercial risks and medical needs.
The acquisition is expected to aid with insurance penetration in the East African country.
According to reports, Uganda’s insurance penetration is said to be less than 1 per cent despite the country having several insurance companies.
This is not a new entry for the giant firm which has over 2.5 million clients. Liberty already has presence in Kenya and Tanzania. Kenya is said to have taken the lead in its East African growth plant.
Last year, the Pan-African financial services firm announced an approximately $18.3 million expansion strategy in 16 African markets.
01:26
Eskom's energy availability factor and the road to stability
01:02
Pics of the day: May 2, 2024
01:50
May Day: South African workers march in support of Palestinians
01:00
South African Police investigate alleged signature forgery by Zuma’s MK party
01:55
South Africa marks Freedom Day ahead of tough general election
02:20
South Africa to mark 30 years of freedom amid inequality and tense election ahead