LIBERTY Holdings is banking on its latest entry into the Ugandan market to widen its regional market share, targeting the growing international investments flowing into East Africa.
The listed insurer and wealth management firm announced acquisition of 51 per cent stake in East African Underwriters Limited, a general insurer.
Liberty said the acquisition of EAUL, a Ugandan underwriter owned by the Madhvani Group, enhances its position in the East African general insurance market and positions it for growth.
The group already has a general insurance presence in Kenya and Tanzania trading under the Heritage Insurance brand.
“This extension of the partnership will provide Liberty with a full insurance offering to enable our growth strategy of leading in our chosen customer segments in the Uganda market and East African region,” said Liberty’s regional executive for East and Central Africa Mike du Toit.
Heritage insurance Kenya owns 60 per cent of Heritage insurance Tanzania and is one of the leading general insurers in Kenya.
In Tanzania, Heritage insurance is the second largest general insurer with an 11 per cent market share.
Liberty is now in 16 African countries having expanded through acquisitions, partnerships and greenfield projects.
In a statement on Friday, du Toit said Liberty’s strategy is to grow its regional business and access the insurance potential in Uganda, whose insurance penetration is among the lowest in sub-Saharan Africa at 0.85 per cent, according to the Uganda Insurance Regulatory Authority.
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