Proparco, an internationally renowned strategic investor, will acquire a stake of up to USD 10 million in the capital of MUA. Through this investment, Proparco becomes one of the group’s main shareholders and demonstrates its confidence in the latter’s regional growth ambitions. This marks the start of a long-term strategic partnership that aims to improve insurance coverage in Africa and increase MUA’s market share.
• MUA entered into an agreement with Proparcoan idevelopment finance institution internationale forefront, for a capital investment of up to $10 millionsubject to shareholder and regulatory approval.
• This significant investment will enable MUA to rstrengthen its financial capacity and of support sustainability initiatives in accordance with its TRANSITION 2023 strategic plan.
• Participation of a respected investor such as Proparco will allowexpand its shareholding beyond Mauritius.
• Proparco has proven itself in the region. Firstly, by investing in companies whose activity contributes to the achievement of Sustainable Development Goals and supporting their growth through its extensive network and expertise.
• Proparco will also take advantage of its extensive experience in the insurance industry to support MUA in its strategy, business development and practices regarding social environmental standards and good governance.
MUA Ltda regional insurer with operations in Mauritius, Kenya, Uganda, Rwanda, Tanzania and Seychelles, is pleased to announce a equity investment amounting to 10 million USD par Proparco (“the strategic investor”), udevelopment financial institution (DFI) and the private financial arm of the French Development Agency Group (AFD Group).
The investment represents a historic partnership between Proparco and MUA, the strategic investor being the largest leading international investor in the regional insurance group. For more than 40 years, Proparco promotes sustainable economic, social and environmental development practices. This investment marks the start of a long-term strategic partnership aimed at improving insurance coverage in Africa and accelerating the group’s digital transformation. Proparco will also contribute to the governance and value creation of the company by appointing a director to MUA’s Board of Directors.
Thanks to its previous investments in the region, Proparco demonstrated its ability to mobilize considerable resources and facilitate partnerships. This is how Proparco creates opportunities for strengthen business relationships and position the recipients of its investments as leaders in their respective sectors. Proparco’s role is encourage private investment in emerging and developing economies to support growth and sustainable development. Proparco is in line with MUA’s strategy, which consists of being a sustainable and responsible insurer, in accordance with the group’s current three-year strategic plan, TRANSITION 2023. “We look forward to working with Proparco to strengthen the group’s financial capacity and expand insurance coverage in East Africa. By embarking on a new phase of our adventure in the region with such an experienced and respected partner, we are focused on our goals of sustainability and increasing our social impact. With this investment, Proparco brings its considerable regional experience, world-class capabilities and vast potential for synergies,” said Bertrand Casteres, Group CEO of MUA.
“This strategic investment demonstrates Proparco’s confidence in MUA and its potential to contribute to the growth of the insurance sector in Africa, while continuing its transformation into a market-leading sustainable insurer. We are pleased to make this investment, which underlines Proparco’s long-standing commitment to supporting African insurance players committed to sustainable development. MUA’s experienced and committed team, along with its strong risk management culture and underwriting capabilities, have enabled the company to weather the covid-19 crisis and will be key assets in achieving its ambitious strategic objectives in years to come,” said Djalal Khimdjee, Deputy CEO of Proparco.
MUA is a leading insurer in the region and is part of the Pan African insurance network GLOBUS (Lien ICI). Over the past year, MUA has launched its three-year strategic plan, TRANSITION 2023was included in the classification of the Mauritius Stock Exchange in sustainability (SEMSI) and defined its Socially responsible investment policy (Lien ICI). Proparco aims to facilitate and help improve MUA’s environmental, social and governance initiatives.
