Phoenix of East Africa Assurance, now rebranded Mauritius Union Assurance (MUA), paid owners of Sarit Centre Sh100 million in compensation following a fire incident that gutted a section of the mall last May.
Phoenix on Wednesday said the payout was to reinstate the building following the fire damage and for loss of rent while repairs were ongoing.
“The appointed adjuster having looked at documents provided gave a quantum that was acceptable to us and the insured,” said Ashraf Musbally, the insurer’s managing director.
In early May, Sarit Centre management reported a fire incident in one of the outlets on the ground floor which was later contained.
No injuries were reported.
Sarit Centre is one of the major clients of the insurer, with others including Kentraco Africa Express, and KenGen.
Fire insurance covers loss or damage caused by infernos. In Kenya, it is divided into fire domestic (home insurance) and fire commercial (businesses).
Phoenix has been offering general insurance products in Kenya and has expanded activities to Tanzania, Uganda and Rwanda.
The ownership of the underwriter changed in 2014 when Mauritius Union Group acquired a controlling interest in Phoenix Transafrica Holdings Ltd (PTHL), trading as Phoenix Assurance in four East African countries.
The acquisition gave the Mauritius-based group a foothold in Kenya, Tanzania, Uganda and Rwanda.
Last month, the group announced the launch of a new name and brand identity.
The group and all its subsidiaries and divisions are known as MUA.
They include Mauritian brands — Mauritius Union General Insurance, La Prudence Life Insurance, Feber Associates, National Mutual Fund and Associated Brokers, and the Phoenix Assurance brands in East Africa.
The group was incorporated in 1948 and operates within the financial services industry, specialising in insurance, corporate pension schemes, investment and loans for both individuals and corporates.
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