NIC parent expands to Rwanda
Apr 30, 2008
INDUSTRIAL and General Insurance (IGI), the parent company of the National Insurance Corporation (NIC), has acquired a 35% stake in Rwanda’s largest insurance company; Society Nouvelle d’Assurance du Rwanda (SONARWA).
By Charles Bwogi
INDUSTRIAL and General Insurance (IGI), the parent company of the National Insurance Corporation (NIC), has acquired a 35% stake in Rwanda’s largest insurance company; Society Nouvelle d’Assurance du Rwanda (SONARWA).
IGI is Nigeria’s leading insurance company,
Remi Olowude, the NIC chairman said the acquisition was an opportunity for IGI to contribute to the progress of Rwanda’s economy.
“Our partnership with SONARWA is in sync with our goal of expanding on the continent and bringing our expertise to affect the lives of people of the continent, while helping to develop their economies,†he said.
Under the strategic partnership, IGI will nominate three directors on the SONARWA board and appoint new managers.
Rwanda has one of the most vibrant insurance markets in the region.
According to experts, cutthroat competition in the insurance industry has sparked off search for virgin areas and product innovation.
IGI already operates in Ghana and Gambia.
Olowudde said the stake in SONARWA was IGI’s third strategic investment in East Africa in the last three years.
He did not, however, disclose the amount involved in the deal.
IGI owns a 60% stake in NIC.
The insurance giant has also acquired a banking license in Uganda.
The roll-out arrangements have been concluded for the new venture, Global Trust Bank Limited, to commence trading soon.
Founded in Nigeria 16 years ago, IGI is the biggest insurance company in Nigeria, according to the official data.
Its shareholders’ fund exceeds $194.92m.
It has an asset base of more than $277.54m.
INDUSTRIAL and General Insurance (IGI), the parent company of the National Insurance Corporation (NIC), has acquired a 35% stake in Rwanda’s largest insurance company; Society Nouvelle d’Assurance du Rwanda (SONARWA).
IGI is Nigeria’s leading insurance company,
Remi Olowude, the NIC chairman said the acquisition was an opportunity for IGI to contribute to the progress of Rwanda’s economy.
“Our partnership with SONARWA is in sync with our goal of expanding on the continent and bringing our expertise to affect the lives of people of the continent, while helping to develop their economies,†he said.
Under the strategic partnership, IGI will nominate three directors on the SONARWA board and appoint new managers.
Rwanda has one of the most vibrant insurance markets in the region.
According to experts, cutthroat competition in the insurance industry has sparked off search for virgin areas and product innovation.
IGI already operates in Ghana and Gambia.
Olowudde said the stake in SONARWA was IGI’s third strategic investment in East Africa in the last three years.
He did not, however, disclose the amount involved in the deal.
IGI owns a 60% stake in NIC.
The insurance giant has also acquired a banking license in Uganda.
The roll-out arrangements have been concluded for the new venture, Global Trust Bank Limited, to commence trading soon.
Founded in Nigeria 16 years ago, IGI is the biggest insurance company in Nigeria, according to the official data.
Its shareholders’ fund exceeds $194.92m.
It has an asset base of more than $277.54m.