Universal Seguros, the third largest insurance company in Angola, has been renamed Fidelidade Angola, said the company’s chief executive, Armando Mota, in Luanda on Wednesday.

André Cardoso, a member of the board of directors responsible for International Business, said that the change of name “is another step in Fidelidade’s strategy to grow abroad, with Angola as a strategic country and an insurance market with high growth potential.”

Universal Seguros, now Fidelidade Angola, was founded on 1 October, 2011 by Fidelidade. It has 15 branches and a network of 500 agents in Luanda, Benguela, Huambo and Lubango .

The company’s gross premiums in 2016 were over 11 billion kwanzas (US$66 million dollars) and by the end of August of this year gross premiums had already reached about 10 billion kwanzas (US$60 million), according to figures issued by the board.

In business since 1908, Fidelidade – owned by Chinese group Fosun – is the leading insurer in the Portuguese market, with a market share of around 27.7%. (macauhub)