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| Filename | MUA-Uganda-final-credit-report.pdf |
| Filesize | 272.76 KB |
| Version | paid report |
| Date added | August 24, 2023 |
| Category | Credit Rating Reports, Insurance |
| Tags | Uganda |
MUA Insurance (Uganda) Limited (MUA Uganda) was established in 2003 as Phoenix of Uganda Company Limited, with a licence to underwrite general insurance. Initially part of the group Phoenix of East Africa Assurance Company Limited, MUA Uganda became ultimately owned by MUA Ltd (MUA Mauritius), through the acquisition of Phoenix Trans Africa Holdings Limited, which later rebranded to MUA Trans Africa Holdings Limited. This wholly owned subsidiary of MUA Mauritius retains 66.0% of MUA Insurance (Kenya) Limited (“MUA Kenya”), the largest shareholder of MUA Uganda, with a 62.0% interest. MUA Mauritius directly holds 17.9% stake while Phoenix of Tanzania Assurance Company Limited, a related party, holds a further 13.6% translating to 93.5% stake within the MUA group.
Consistent with GCR’s group ratings approach, the analysis reflects the entity’s stand-alone credit profile with considerations for sub-group support.