MUA Insurance (Kenya) Limited has inherited its rich history from one of the oldest insurance companies in East Africa - Phoenix Assurance Company Ltd. The company’s roots can be traced back to 1781, with the name “Phoenix” being adopted in 1813.
Mr. R.W. Grater from Phoenix Assurance Company UK was appointed to run the company’s agency in Nairobi Mombasa. Phoenix became one of the first foreign insurance companies to be represented in East Africa. A full branch of the company was eventually established in Nairobi in 1954. The company grew rapidly and Phoenix ranked high among the leading companies in the region.
Phoenix of East Africa Assurance Company Ltd. was formed in partnership with the local agent A. J. Miller & Sons Ltd. Initially, Kenyans only held 11% of the shares. By 1980 the Kenyan participation had grown to one-third to the shareholding.
Phoenix of East Africa Assurance and the Sun Alliance Group U.K. merged in the United Kingdom and the Kenyan operation was renamed Sun Alliance Insurance Company Limited.
The local shareholders took control of the company, reconstituted the company board and the name was reverted back to the original Phoenix of East Africa Assurance Company Limited (PEAL) resulting in the dawn of a new era for the company. The Company had a majority of local shareholders, with the Alibhai family holding 81% of the shares.
Following regulatory changes which came into effect in 2012, the Alibhai family sold 66% of their shares to The Mauritius Union Assurance Cy. Ltd (MUA) and kept a minority shareholding of 15%. MUA is the second largest insurance company in Mauritius, and is listed on the Stock Exchange of Mauritius since 1993. The Company was established in 1948. The Group now employs over 650 people, with agencies and branches in Mauritius, the Seychelles, Rwanda, Tanzania, Uganda and Kenya.
The various divisions of the Mauritius Union Group, including Phoenix of East Africa Assurance Company Limited, came together under a single regional and dynamic insurance brand – MUA.