From its beginning in 1912 to present Phoenix Assurance has shown a tremendous building of financial strength and market presence. Especially in the post 2000, under the leadership of its Chairman, Maheboob Alibhai, the Group has expanded its footprint across Africa.
Phoenix Assurance, which originally had its operations in Kenya, expanded its first overseas operations in 1998 to Tanzania. Companies in Uganda, Rwanda, Zambia, Botswana, Mozambique and Namibia followed this.
- 1912 – Phoenix of United Kingdom establishes operations in Kenya
- 10 October 1912: First Policy issued with a Sum Insured of Rupees 360 and a premium of Rupees 7.15
- 1992: Transworld Investments Ltd purchases majority shares in Phoenix of East Africa Assurance Company Limited
- 1999: Phoenix of Tanzania Assurance Company Limited established.
- 2003: Phoenix of Uganda Assurance Company Limited established.
- 2006: Phoenix of Rwanda Assurance Company SA, established.
- 2009: Phoenix of Zambia Assurance Company (2009) Limited established.
- 2012: Phoenix of Botswana Assurance Co (PTY) Limited established.
- 2014: Phoenix Companhia De Seguros De Mocambique Limited established.
- 2015: Phoenix Namibia Assurance Company Limited, started operations on 1st Sep 2015.
- 2015: Phoenix of Swaziland Assurance Company Limited – License was given on 18th Nov 2015.
Today the Phoenix Assurance Group is one of the leading insurance groups operating in a number of countries in Africa.
In each of the countries, the Companies have a vast distribution network with its own branches, Agency network and Broker Network. In countries like Zambia, insurance is taken to the doorsteps by van sales.
- Diversification – Diversification is a basic tool for spreading the risk. Being in the short term insurance business, the Group realizes the importance of spreading the risk to maintain business continuity.
- Group Synergies – Being present in so many countries gives us the advantage of the knowledge pool and experience which we can effectively use to support and make a difference to new operations
- Bargain – The spread give us the power to make a collective bargain for better treaty terms and capacities.
- Trust – Having successful operations in a number of countries gives confidence to the regulators, customers and employees as a multinational brand.
- Carry to the Masses
- Creating a household name
- Tapping uninsured market
- To be the Personal Insurer of Choice
- Setting service standards
- Creating new Distribution channels
May 2014 – Compliance Update: To comply with the provisions of the Insurance Act in Kenya, part shares of the holding company, Phoenix Transafrica Holdings Limited, was sold to Mauritius Union Assurance Company Limited transferring the control of companies in Kenya, Tanzania, Uganda and Rwanda. The Alibhai family continue to be shareholders of Phoenix Transafrica Holdings Limited.
The Companies in Zambia, Botswana , Mozambique and Namibia continue to be under the stewardship of Maheboob Alibhai who had spearheaded the expansion of the Group into various countries.
Phoenix Assurance Group is looking at the expansion of its operations in a number of other countries in Africa.