Phoenix Assurance Company Ltd. is one of the oldest insurance companies in East Africa with a story that began on Tuesday, 20th November 1781, over 200 years ago. The name Phoenix was adopted in 1813. The company grew rapidly and spread its wings far and wide. Phoenix ranks high among the leading companies in shareholders’ funds and net assets among other important attributes
Phoenix Assurance Company U.K. came to Kenya in 1912 when Mr. R.W.Grater was appointed to run an Agency of the company in Mombasa and Nairobi. Thus Phoenix became one of the first foreign insurance companies to be represented in East Africa and since then, it has been in business in Kenya for over 100 years. A full branch of the Company was established in Nairobi in 1954.
As a step towards becoming a Regional and Pan African insurer, Phoenix of Uganda Assurance Company Limited was incorporated in 2003 wholly owned by the Alibhai family and is among the top insurance companies in the country. Phoenix of Uganda Assurance Company Limited was licensed to do business from November 2003, however, the official transactions started from January 2004.
Following Kenya’s regulatory changes in 2012 to the effect that any Shareholder or Group of Related Shareholders cannot hold more than 25% of an Insurance Company, the Alibhai family sold 62% of the shares of Phoenix of Uganda Assurance Company Limited to Phoenix of East Africa Limited which in turn has Phoenix Trans Africa Limited owned by Mauritius Union Assurance Company Limited (MUA) owning majority shares of 62%. Mauritius Union Assurance Company Limited (MUA) took over Phoenix Assurance Group in May 2014. Other major shareholders of Phoenix of Uganda Assurance Company Limited include Phoenix of Tanzania Limited 13.6% and Mr. Iqbal Bandali 11% (Tanzanian).
Mauritius Union Assurance Company Limited (MUA) is the second largest Insurance Company in Mauritius, and is a Public Company, listed on the Stock Exchange of Mauritius since 1993. The Company was established in 1948, and today it has over 1,800 Shareholders.
The Group employs over 450 persons, and has about 70 Agents, and 8 Accredited Agents, and 9 Branches over the island of Mauritius, and one in Seychelles.
Board of Directors
The Board has been reconstituted, with new Directors from Mauritius Union Assurance Company Limited (MUA) joining the existing Phoenix of Uganda Assurance Company Limited (PUAL) Directors. The Management of the Company is now under the control of MUA.