Nairobi, March 2 -- APA Apollo Group is set to acquire two insurance companies in Tanzania as it moves to increase its share of underwriting businesses outside Kenya.

The insurer, which already has a subsidiary in Uganda and an associate in Tanzania, has informed the Fair Competition Commission (FCC) -Tanzania's watchdog that oversees business mergers and acquisitions- about the intention.

APA Apollo Group Chief Executive Ashok Shah said in an interview the two companies to be acquired are Meticulous General Insurance and Metro Tanzania Life Assurance Company.

The insurer has not disclosed how much the two deals will cost, even as the CEO added that APA is also eyeing another acquisition in Uganda.

"We are waiting for regulatory appro...