United Assurance sells majority shares
Nov 19, 2004
UNITED Assurance Company Limited has sold 51% of its shares to Kenyan-based UAP Provincial Insurance Company, in one of the biggest deals in Uganda’s insurance industry.
By Ricks Kayizzi
UNITED Assurance Company Limited has sold 51% of its shares to Kenyan-based UAP Provincial Insurance Company, in one of the biggest deals in Uganda’s insurance industry.
The sealing of the joint venture was announced at Hotel Africana in Kampala recently.
Gerald Ssendaula, Uganda’s finance minister said, “These regional mergers will save us from regular journeys to Washington to confront officials of the World Bank and International Monetary Fund as we beg for money.â€
Ssendaula said, “Insurance and pension firms are known worldwide as the main sources of cheap capital. We are tired of getting money with strings attached. It is too expensive to repay.â€
He said politicians should encourage re-emergence of the regional economy, which collapsed in the 1960s due to political squabbles.
United Assurance’s managing director, Gary Corbit, said the merger would enable them expand.
“We want to explore opportunities in the two countries. The additional capital will enable us reach more people,†Corbit said.
Joe Wanjui, the chairman of UAP, said by acquiring 51% shares in United Assurance, they had invested shareholders funds in a ‘blue chip’ investment, making them more competitive.
Trade minister, Prof. Edward Rugumayo and European Union’s Sigurd Illing attended.
UNITED Assurance Company Limited has sold 51% of its shares to Kenyan-based UAP Provincial Insurance Company, in one of the biggest deals in Uganda’s insurance industry.
The sealing of the joint venture was announced at Hotel Africana in Kampala recently.
Gerald Ssendaula, Uganda’s finance minister said, “These regional mergers will save us from regular journeys to Washington to confront officials of the World Bank and International Monetary Fund as we beg for money.â€
Ssendaula said, “Insurance and pension firms are known worldwide as the main sources of cheap capital. We are tired of getting money with strings attached. It is too expensive to repay.â€
He said politicians should encourage re-emergence of the regional economy, which collapsed in the 1960s due to political squabbles.
United Assurance’s managing director, Gary Corbit, said the merger would enable them expand.
“We want to explore opportunities in the two countries. The additional capital will enable us reach more people,†Corbit said.
Joe Wanjui, the chairman of UAP, said by acquiring 51% shares in United Assurance, they had invested shareholders funds in a ‘blue chip’ investment, making them more competitive.
Trade minister, Prof. Edward Rugumayo and European Union’s Sigurd Illing attended.