APA Insurance Ltd., Kenya’s second-biggest general insurer, plans to expand in neighboring Uganda and Tanzania and boost market share in its home country.
The company, which controls 8.7 percent of the Kenyan market, will open three outlets in Uganda this year and plans to acquire a “controlling stake” in Reliance Insurance of Tanzania, Chief Executive Officer Simon Clayton told reporters in Nairobi today. APA already owns 34 percent of Reliance, it said in a statement handed to reporters today.
“We foresee numerous opportunities to widen our reach and deepen penetration of insurance in the country by opening a branch in each county,” Clayton said in the statement.
Kenya, East Africa’s biggest economy, enacted a new constitution in August 2010. The new charter created 47 counties in the nation of about 40 million people. APA intends to expand its market share in the nation to 15 percent by 2016, it said.