Kenya Re has approached the Ugandan insurance regulator for a licence to carry out business in the Ugandan market, Mr Ibrahim Kaddunabi Lubega, CEO of the Insurance Regulatory Authority of Uganda, has said.
He told the Ugandan newspaper The Independent, “We have requested them to supply us with what we require and once they fulfil them, we should be able to grant them an operating licence.”
Kenya Re managing director, Mr. Jadiah Mwarania said at an investor briefing earier this month that the decision by countries such as Uganda, Tanzania and Ethiopia to set up their own reinsurers had eaten into his company's market share.
The successful entry of Kenya Re into the Ugandan market will tighten competition in the reinsurance business segment currently dominated by Uganda Re, Zep Re and Africa Re.
To grow in new markets, Kenya Re has increased its capital to expand business in the Middle East, North Africa and West Africa.