UAE – Mubasher: Leading investor operating in global growth markets The Abraaj Group announced completing its full exit of its investment, through one of its funds, in UAP Holdings Limited, a pan-African insurance holding company.
Abraaj sold its 13.6% stake in the UAP to Old Mutual plc, a London-listed international investment, savings, insurance and banking group, it said in a statement.
The UAE-based investment group worked closely with UAP’s board and management team to expand the firm’s regional footprint. Over the course of Abraaj’s investment, UAP’s gross written premium and book value increased at compound annual growth rates (CAGR) of 25.5% and 18.8% respectively.
UAP had branches outside of Kenya in Uganda, Tanzania, Rwanda, South Sudan and the Congo.
