KENYA – I&M Holdings unit, GA insurance has acquired 100% of Nova Insurance Company from Uganda. This is part of GA’s insurance plan to expand across East Africa. The firm already has operations in Kenya and Tanzania.
The acquisition will see GA join more than 25 companies driving up insurance sector penetration in East Africa. According to the Financial Sector Deepening report, insurance penetration is about 1% in Uganda.
GA Insurance has received the regulator’s approval to fully acquire Nova Insurance they are ready to start operations.
The GA Insurance CEO, Mr Vijay Srivastava stated that there are also other acquisitions in the pipeline. The company aims to be present in three to four countries by the end of the year.
Apart from the acquisition strategy, GA Insurance will go along with the rapid technological innovation and will soon launch a document management software that will enable the management of huge volumes of data and information for its general and medical insurance.
NOVA Insurance company limited was incorporated in the Republic of Uganda in July 2011 by Kenyan entrepreneurs. In 2015, WWW Bid Investment group acquired majority stake. The group has insurance industry experience in Kenya and Tanzania.
NOVA Insurance company limited has an objective of offering personalised, efficient and professional insurance services to.
I&M Holdings Limited, also I&M Bank Group, is a conglomerate comprising financial service providers. The group’s headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius, Rwanda and Tanzania
GA Insurance Limited is one of the oldest insurance companies operating in Kenya specializing in all classes of general and medical insurance.
Having its parentage from General Accident UK, it was incorporated as Kenyan Insurance Company in 1979.
Enjoying its presence for over 60 years, brand GA has earned its standing as one of the most reputable insurance companies in Kenya.
In 2006, General Accident Insurance Company was acquired by the renowned I&M Bank Group in Kenya. The Bank has operations in Kenya, Tanzania, Rwanda, and Mauritius
During the past few years, the company has secured its place in the market with consistent profitable growth in business supported with excellent customer service.