KAMPALA, Uganda— UAP Old Mutual Insurance Company Uganda has officially changed its name to OLD MUTUAL UGANDA LIMITED, a move approved by the nation’s insurance regulator. The change took effect July 15.
Alhaj Kaddunabbi Ibrahim Lubega, chief executive officer of the Insurance Regulatory Authority of Uganda (IRA), confirmed the name alteration in a public announcement. The regulatory body used the notice to remind all insurance operators in Uganda that they must hold a valid license issued by the IRA, as mandated by the country’s Insurance Act.
The IRA is required under Section 147 of the Act to publish details and the scope of licenses it grants. The authority also cautioned the public to only conduct business with licensed insurers. Consumers with insurance-related complaints can submit them through the IRA’s Online Complaints Bureau system.
The name change follows a multi-year acquisition process by South African financial services firm Old Mutual.
South Africa’s Old Mutual recently acquired a significant stake in what was UAP Old Mutual Life Assurance Uganda Limited through an injection of funds.
This move is contributing to the Ugandan company’s compliance with capital requirements and has diluted the stakes held by existing shareholders, including Nairobi-based UAP Holdings, which previously held a 53% interest in the Ugandan business.
Old Mutual, the majority owner of UAP, is now helping the Kenyan multinational recapitalize its Ugandan subsidiary.
Old Mutual, which underwrites insurance, manages unit trusts, investment funds and properties, also operates in Kenya and Rwanda.