MUA Limited, a renowned regional insurer led by Mauritian multimillionaire businessman Dominique Galea, has announced that it is set to receive a $10-million equity investment from Proparco, the private financing arm of Group Agence Francaise de Developpement (AFD Group).
The $10-million capital injection, which is still subject to shareholder and regulatory approval, represents a watershed moment in Proparco and MUA’s relationship, with the strategic investor being the largest international investor of its kind in the regional insurance group, MUA stated in an exclusive disclosure sent directly to Billionaires.Africa.
The capital injection from Proparco will allow MUA to strengthen its financial capacity and support sustainability initiatives in accordance with its three-year strategic transition plan, as the reputable international strategic investor will leverage its significant regional experience, world-class capabilities, and extensive cross-sector network to create shared wealth for all stakeholders.
Under the leadership of Galea, MUA operates as a regional insurer with active operations in Mauritius, Kenya, Uganda, Rwanda, Tanzania, and the Seychelles.
Galea owns 15.43 percent of the insurer (7.89 million shares), worth MUR1.1 billion ($25.5 million).
The company, which operates as a holding company and is the largest listed insurance company on the Mauritius Stock Exchange, has grown into a regional leader in the insurance industry thanks to its regional expansion tactics and a strategic restructuring.
These efforts resulted in the consolidation of its operations throughout Africa through subsidiaries in Mauritius, Kenya, Uganda, Rwanda, Tanzania, and the Seychelles.
The $10-million investment, according to management, is a strong vote of confidence in MUA’s regional growth ambitions and the start of a key long-term partnership that will further strengthen its financial capacity to improve insurance coverage and increase market share.
“This strategic investment testifies to Proparco’s confidence in MUA and its potential to contribute to the growth of the insurance industry in Africa, while pursuing its transformation into a market- leading sustainable insurer,” Proparco Deputy CEO Djalal Khimdjee said.
MUA Group CEO Bertrand Casteres commented on the milestone investment by its new partner, Proparco, stating that MUA is looking forward to working with Proparco to strengthen its financial capacity and expand insurance coverage in East Africa.
“As we embark on a new phase of our regional journey with this respected partner, we aim to deliver on our sustainability objectives and have a greater social impact,” he added. “Along with the equity proceeds, Proparco brings its considerable regional experience, world-class capabilities and an extensive cross-sector network.”
