Africa News - South Africa: Liberty acquires controlling stake in Ugandan insurer
Source: Middle East Insurance Review | Mar 2016
South Africa’s Liberty Holdings has acquired a 51% controlling interest in Uganda-based Madhvani Group’s short-term insurer, East African Underwriters Ltd (EAUL), for an undisclosed sum.
The acquisition will strengthen Liberty’s position in the East African market, where it already has a presence in Kenya and Tanzania.
EAUL, which has a 2.7% market share in the non-life insurance segment in Uganda, provides insurance services to industries, manufacturers and professionals, ranging from corporate liability to personal lines.