General Insurance Insurance Company (GA Insurance), which operates in the general and medical insurance segment.
has finalized the acquisition of the entire capital of the Ugandan non-life insurance company, Nova Insurance Company.
The information is contained in a note recently published by the Kenyan insurer.
This transaction is part of GA Insurance’s regional expansion strategy. The insurer indicated in its financial statements, drawn up at the end of 2018.
That it planned to extend its local and regional reach in 2019 in order to bring its services closer to its customers. « We look forward to continuing our expansion strategy of seeking diversification opportunitie.
in East Africa and beyond, » said SBR Shah, MBS (pictured), chairman of GA Insurance’s board of directors. in the company’s 2018 annual report.
Vijay Srivastava, Managing Director of GA Insurance Kenya commented on the news: « This decision will help us to further penetrate the Ugandan insurance market.
While continuing to deliver value to our clients through focused insurance products. on the market and at the cutting edge of technology « .
This acquisition will allow the insurer already present in Tanzania to enter the Ugandan market where the insurance penetration rate is around 1%.
The repurchase process started in March 2019 and finalized in November, has received the approval of the regulatory authorities of both countries.