Pan-African insurance brokerage powerhouse Olea has completed the acquisition and full merger of Marsh Uganda. This marks one of the most significant consolidations in Uganda’s insurance broking sector in recent years.
The announcement, formally communicated by Olea on 20 November, brings to a close a five-year collaborative journey between the two firms. It positions Olea among the country’s top five insurance brokers by market share.
In its statement, Olea called the merger a milestone that “strengthens our integrated, client-focused network across Africa.” It reinforces its commitment to delivering world-class, locally grounded risk solutions.
With operations now spanning more than 25 African countries, the integration of Marsh Uganda into Olea’s continental architecture deepens service capacity. It also enhances global linkages and offers clients seamless access to broader technical expertise.
A new market force in insurance broking
The strategic impact of the transaction is already reflected in the 2025 third-quarter brokerage performance data.
Marsh held 5.31% of the market, while Olea accounted for 1.08%. Combined, the merged entity now commands roughly 6.4% market share, elevating Olea to the fifth-largest insurance broker in the country.
The newly consolidated strength pushes Olea ahead of competitors such as Willis Towers Watson (6.01%) and ARIS (5.65%). It places Olea just behind the long-established top three: Clarkson, Minet, and Afrisafe.
With more than UGX 31.6 billion in premium business placed in the third quarter alone, the merged entity gains stronger negotiating power with insurers. It also has a wider corporate engagement capability and improved alignment with Olea’s regional strategy.
Senior Olea executives, including chairman Olivier Dubois and Vincent de Charnacé, chief executive officer for East & Southern Africa, travelled to Kampala. They welcomed the newly combined team, underscoring the strategic significance of the merger.
Leadership transition: Fiona Magezi takes the helm
Alongside the merger, Olea Uganda has announced a major leadership transition. Paul Muhame, who has led Olea since its inception, has stepped into the role of chairman.
In a statement on his LinkedIn, Muhame described the transition as “an honour to continue shaping our strategic direction and supporting the exceptional team that defines who we are as Olea”.
Stepping into the Managing Director role is Fiona Magezi, one of Uganda’s most respected insurance professionals. Her appointment signals a new era of stability, technical depth, and client-centric growth for the merged organisation.
Who Is Fiona Magezi?
She is the new Managing Director of Olea, appointed following the November 2025 acquisition of Marsh Uganda.
With more than 24 years of experience in the insurance industry, Magezi brings deep expertise across broking, underwriting, claims administration, and client servicing.
How Stanbic Bank CFO Ronald Makata Blends Governance, Technology and Human Leadership to Drive PerformanceShe began her career as a trainee at Old Mutual General Insurance, the country’s second-largest insurer. She rose through supervisory and management roles to eventually head the claims function during her 12-year tenure.
Before joining Olea, Magezi served as principal officer and head of client servicing at Marsh Insurance Brokers. This is the local subsidiary of Marsh McLennan, the world’s largest insurance broker.
She held this position from 2017, overseeing client engagement, technical service delivery, and operational leadership while guiding key corporate accounts.
Magezi holds an impressive portfolio of professional designations. She is an Associate Member of the Chartered Insurance Institute (UK) and a Chartered Member of the Insurance Training College of Uganda.
Academically, she holds a Bachelor of Arts in Social Sciences from Makerere University. She also holds a Certificate of Insurance and Proficiency from the National Insurance College of Pune (India and Nairobi), and an Advanced Diploma in Insurance from the Chartered Insurance Institute (UK).
Beyond her corporate roles, Magezi is a passionate advocate for industry development and gender equity.
She lectures and consults at the Insurance Training College of Uganda. Furthermore, she sits on the Training and Mentorship Committee of Women in Insurance Uganda.
In January 2024, she was appointed Uganda’s representative to the Africa Insurance Women’s Association.
Her achievements have earned continental recognition. In 2022, she was named among the Top 50 Women in African Insurance by the African Insurance Organisation.
In 2017, she became the first African and the first African woman to win the Marsh Global CEO Award for exceptional performance and client service. She was nominated by then-CEO John Doyle.
At Olea, Magezi takes on the mandate of steering the newly merged entity toward sustainable growth. She strengthens client experience, deepens professionalism, and expands the company’s influence in Uganda’s evolving insurance landscape.
A Future driven by growth, integration, and leadership
With the acquisition now complete, Olea enters a new chapter anchored in operational integration, improved service capability, and strengthened leadership.
The combination of Marsh’s legacy corporate portfolio and Olea’s Pan-African model gives the company a uniquely powerful platform. This platform is capable of supporting local clients with global standards and regional consistency.
Under Magezi’s leadership, supported by Muhame as chairman, Olea is poised for accelerated growth, deeper client engagement, and heightened competitiveness.
For an industry transforming, the merger represents not just a business deal. It is a defining statement about the future of insurance intermediation in Uganda.
