UAP Holdings

The Group's origins in Kenya date back to the 1920s when Provincial Insurance Company of East Africa was incorporated as a subsidiary of Provincial Insurance Company, an insurance group based in London, United Kingdom. The 1994 merger of Union des Assurances De Paris (UAP) of France and Provincial of the UK led to the formation of the UAP Insurance Company of Kenya. In 1996, the firm became part of AXA when AXA acquired UAP in France. AXA divested its shareholding in 2000 and the firm became a wholly owned Kenyan company.^[4]

UAP Holdings expanded to Uganda in 2005, to South Sudan in 2006, to Rwanda and the Democratic Republic of the Congo in 2011, and to Tanzania in 2013. All entries other than Tanzania were greenfield investments. The group entered Tanzania through the acquisition of Century Insurance Company Limited and re-branded it to UAP Century Insurance Company Limited.^[5] In total, UAP has sixteen businesses operating in the region.^[6]

On 8 January 2015, Centum and Chris Kirubi announced that they had entered into an agreement with Old Mutual for the sale of their 13.75 percent and 9.58 percent stake in UAP Holdings, respectively, to the London Stock Exchange-listed financial giant in a deal valued at over KES 7 Billion.^[7] Once complete, Old Mutual will hold 23.33 percent of UAP Holdings-issued shares and will act as a strategic investor to the group.^[8] On 27 January 2015, Kenyan print media reported that Old Mutual had acquired the shares in UAP Holdings previously owned by Abraaj, Africinvest, and Swedfund, amounting to 37.33 percent of total shareholding, for US$155.5 million (KSh14.2 billion), thereby raising Old Mutual's ownership in UAP Holdings to 60.66 percent