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IGI acquires 35% stake in Rwandan Insurance firm
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Nigeria ’s Industrial And General Insurance Plc (IGI) has acquired 35 percent majority stake in Society Nouvelle d’Assurance du Rwanda (SONARWA), Rwanda ’s largest insurance company.
The acquisition is in line with IGI’s regional expansion programme which had seen IGI holding majority shares in the National Insurance Corporation (NIC) Limited, Uganda; Network Insurance Company Limited, Ghana (now renamed IGI Ghana Limited); Network Life Assurance Company Limited, Ghana; and Gamstar Insurance Company Limited, Gambia.
Announcing IGI’s stake in SONARWA at a formal ceremony held in Kigali , Rwanda, Remi Olowude, executive vice chairman, IGI said the acquisition was an opportunity for the company to contribute to the progress of Rwanda ’s economy.
“Our partnership with SONARWA is in line with our stated goal of expanding in the continent and bringing our expertise to affect the lives of the people of the continent, while helping to develop their economies,” he said.
Olowude emphasised that IGI will not relinquish its responsibility of effectively managing SONARWA to ensure that it turns out to be one of the biggest insurance companies, not only in the East African region, but in the entire African continent.
“We will ensure that SONARWA achieves its target growth within the shortest possible time,” he stated.
The new acquisition in Rwanda would allow IGI to extend its acknowledged expertise in the insurance business to Rwanda , one of the fastest growing economies in East Africa , whose insurance market is one of the most vibrant in the region.
Under the terms of the Strategic Partnership arrangement with SONARWA, IGI is required to nominate three directors to the board and to appoint a new management to run the company’s day-to-day operations.
IGI brings to SONARWA a wide berth of experience acquired from the Nigerian insurance market, Africa’s largest insurance market where IGI has been able to increase its market share rapidly within a short period of time.
The stake in SONARWA is IGI’s third strategic investment in East Africa in the last three years.
In 2005, IGI purchased the Ugandan Government’s 60 percent stake in NIC Uganda. NIC had since been turned around into a profitable company which paid dividends to its shareholders for the first time in 2006.
It has also acquired a banking license in Uganda and the roll-out arrangements have been concluded for the new venture, Global Trust Bank Limited, to commence trading soon.
Since its emergence in the Nigerian insurance market 16 years ago, the company has shown clear sign for greatness .Records showed that in the last five years, i.e., between January 2002 and December 2007, the company paid claims amounting to N16.4 billion. It also generated Gross Premium Income in excess of N7.29 billion in 2007. With Shareholders’ Fund now in excess of N23 billion and Assets Base of more than N32.75 billion, IGI Plc is now the biggest and most capitalized insurance company in Nigeria .
The acquisition is in line with IGI’s regional expansion programme which had seen IGI holding majority shares in the National Insurance Corporation (NIC) Limited, Uganda; Network Insurance Company Limited, Ghana (now renamed IGI Ghana Limited); Network Life Assurance Company Limited, Ghana; and Gamstar Insurance Company Limited, Gambia.
Announcing IGI’s stake in SONARWA at a formal ceremony held in Kigali , Rwanda, Remi Olowude, executive vice chairman, IGI said the acquisition was an opportunity for the company to contribute to the progress of Rwanda ’s economy.
“Our partnership with SONARWA is in line with our stated goal of expanding in the continent and bringing our expertise to affect the lives of the people of the continent, while helping to develop their economies,” he said.
Olowude emphasised that IGI will not relinquish its responsibility of effectively managing SONARWA to ensure that it turns out to be one of the biggest insurance companies, not only in the East African region, but in the entire African continent.
“We will ensure that SONARWA achieves its target growth within the shortest possible time,” he stated.
The new acquisition in Rwanda would allow IGI to extend its acknowledged expertise in the insurance business to Rwanda , one of the fastest growing economies in East Africa , whose insurance market is one of the most vibrant in the region.
Under the terms of the Strategic Partnership arrangement with SONARWA, IGI is required to nominate three directors to the board and to appoint a new management to run the company’s day-to-day operations.
IGI brings to SONARWA a wide berth of experience acquired from the Nigerian insurance market, Africa’s largest insurance market where IGI has been able to increase its market share rapidly within a short period of time.
The stake in SONARWA is IGI’s third strategic investment in East Africa in the last three years.
In 2005, IGI purchased the Ugandan Government’s 60 percent stake in NIC Uganda. NIC had since been turned around into a profitable company which paid dividends to its shareholders for the first time in 2006.
It has also acquired a banking license in Uganda and the roll-out arrangements have been concluded for the new venture, Global Trust Bank Limited, to commence trading soon.
Since its emergence in the Nigerian insurance market 16 years ago, the company has shown clear sign for greatness .Records showed that in the last five years, i.e., between January 2002 and December 2007, the company paid claims amounting to N16.4 billion. It also generated Gross Premium Income in excess of N7.29 billion in 2007. With Shareholders’ Fund now in excess of N23 billion and Assets Base of more than N32.75 billion, IGI Plc is now the biggest and most capitalized insurance company in Nigeria .
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