Phoenix of Tanzania Assurance Company Limited
The Phoenix Assurance Company Ltd. One of the oldest insurance companies in East Africa, where the story began on Tuesday, November 20, 1781, more than 200 years ago. The Phoenix name was adopted in 1813. The company grew rapidly and spread its wings widely. Phoenix ranks highly among the leading companies with shareholder funds and net assets among other important features.
brief history
The Phoenix Assurance Company of the United Kingdom came to Kenya in 1912 when Mr. R.W. Grater to manage agency for the company in Mombasa and Nairobi. Thus Phoenix became one of the first foreign insurance companies to be represented in East Africa and since then, has been operating in Kenya for over 100 years. An entire branch of the company was established in Nairobi in 1954.
Following regulatory changes in Kenya in 2012 according to which any shareholder or group of associated shareholders cannot own more than 25% of an insurance company, the Alibhai family sold shares of Phoenix Trans Africa Limited which is the holding company of Phoenix of East Africa Limited which in turn owns 51.04% of the Phoenix of Tanzania Assurance Company Limited. Mauritius Union Assurance Company Limited (MUA), which has a majority stake in Phoenix Trans Africa Limited, acquired Phoenix Assurance Group in May 2014.
Other local shareholders in Phoenix of Tanzania Insurance Limited include Mr. Yusuf Moshi, Mr. Amal Somaya and Mr. Baldev Varma.
Mauritius Union Insurance Company Limited (MUA) is the second largest insurance company in Mauritius and has been a public company listed on the Mauritius Stock Exchange since 1993. The company was incorporated in 1948, and today it has over 1,800 shareholders.
The group employs more than 450 people, has about 70 agents, 8 authorized agents, 9 branches in the island of Mauritius, and one in Seychelles.
directors group
The Board of Directors has been reconstituted, with new members from Mauritius Union Insurance Company Limited (MUA) joining the directors of Phoenix of Tanzania Insurance Limited (PTAL). The management of the company is now under the control of MUA.
Vision
To be the first choice in providing insurance services to our clients in Tanzania.
Mission
We are committed to providing innovative financial solutions to ensure peace of mind in the communities in which we operate.
We are committed to protecting assets, creating wealth, improving lives, and securing the future of our broad client base by being a trustworthy, sustainable and forward-looking company.
We respect, value and take care of our people. We encourage continuous development, build teams, act with integrity and uphold ethical behaviour.
Board Of Directors
The Board of Phoenix of Tanzania Assurance Company Limited. is constituted of prominent Mauritian, East African, Indian and Ugandan businessmen and professionals whose wealth of experience and knowledge extends to the fields of Accounting, financial Industry, Banking, Law and Insurance.
Name
Nationality
1. Mr. Lakshmana Lutchmenarraidoo (Chairman) Mauritian
2. Mr. Tanil Somaiya (Vice-Chairman) Tanzanian
3. Mr. Dominique Galea Mauritian
4. Mr. Maheboob S. Alibhai Kenyan
5. Mr. Vincent Ah Chuen Mauritian
6. Mr. Yusuf H. Mushi Tanzanian
7. Mr. Baldev N. Varma British
8. Dr. Wilbert B.L. Kapinga Tanzanian
9. Mr.Isaac Kiwango Tanzanian