UAP Holdings Limited Group Managing Director Dominic Kiarie during a press briefing in Nairobi. Photo/DIANA NGILA
Nation Media Group
By NATION CORRESPONDEN
UAP insurance has bought controlling stake in a Tanzanian insurance firm as its seeks to establish a footprint in the region.
According to a statement sent to newsrooms on Thursday, UAP Insurance has acquired 60 per cent stake in the Century Insurance Company Ltd. The company will now operate as UAP Century Insurance Company.
The move is part of the company’s strategy to expand across the Common Market for East and South Africa.
“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 in 2020,” said the company’s managing director, Mr Dominic Kiarie.
The company has a presence in six African countries having moved into Rwanda and the Democratic Republic of Congo last year.
UAP Century Insurance will at first provide
services in marine and aviation before expanding its portfolio to
include financial services.
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