Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Insurance: MUA finalizes the acquisition of Saham Kenya and confirms its ambitions in East Africa

Present in Kenya since 2014, the Mauritian insurer takes another important step in its expansion strategy in East Africa with the completion of the acquisition of Saham Kenya.

Insurance: MUA finalizes the acquisition of Saham Kenya and confirms its ambitions in East Africa

The Mauritian insurance company MUA has just announced the completion of the acquisition of Saham Assurance Company Kenya Limited (Saham Kenya), through its subsidiary MUA Insurance (Kenya). Present in the region since 2014, the date on which it acquired Phoenix TransAfrica Holdings (with a presence in Kenya, Tanzania, Uganda and Rwanda), MUA strengthens its local roots. The acquisition should "send a strong signal about MUA’s confidence in Kenya’s insurance prospects," management of the Mauritian group said in a statement.

The transaction follows regulatory approvals, including the Insurance Regulatory Authority (IRA, Kenya), the COMESA Competition Commission and the South African Reserve Bank (the South African central bank). The Kenya Competition Authority has also been duly notified of the acquisition.

Formerly owned by the Pan-African insurance group Sanlam Pan Africa, Saham Kenya is one of the fastest growing insurance companies in Kenya. For the management of the Mauritian insurer, the integration of Saham Kenya is both complementary and timely, since the two companies “share certain essential characteristics in terms of business structure, values, culture and knowledge of the market. "

"The integration of the two teams, which should be completed by the end of the year, is subject to approval by the IRA. It would allow MUA to strengthen its position on the market and trigger significant value creation ”, specifies the management of MUA. Saham Kenya's managing director, Lydia Kibaara, is to take over the management of the merged entity, while the current MUA Kenya director, Ashraf Musbally, retains supervision of the East African subsidiaries and remains a member of the board of directors. administration of the holding company.

A quarter of the turnover generated by the Kenyan market

The Mauritian group’s expansion strategy focuses on increasing insurance penetration in Kenya, a market with enormous potential in a context of rapid population growth. "Today, operations in East Africa account for about a quarter of our revenues. We want to significantly increase this contribution over the next three years and join the top 10 insurance companies in Kenya, "said Bertrand Casteres, CEO of MUA Group.

As a reminder, MUA is the largest insurance company listed on the Stock Exchange of Mauritius in terms of market capitalization. Last year, the group restructured its subsidiaries and associated companies, separating the insurance activities in Mauritius from the international activities of the group.

Today, MUA employs more than 670 people in its subsidiaries in Mauritius, Kenya, Uganda, Rwanda, Tanzania and Seychelles.