The Move

GA Insurance Limited announces the successful acquisition of Nova Insurance Company Limited in Uganda. GA Insurance entered into an agreement in March 2019 to acquire 100 percent of the issued share capital of Nova Insurance Limited.

The acquisition was completed upon receipt of necessary regulatory approvals from the Insurance Regulatory Authority in Kenya and in Uganda.

The just concluded deal underpins GA Insurance’s efforts in expanding its operations across the East Africa.

Commenting on the acquisition, Mr. Vijay Srivastava, Group CEO noted, “At GA Insurance, we believe in having a presence in East Africa to cater for our clients’ needs such as their expansion within the East African region.

“This acquisition is yet another step in our Group’s journey of strategic acquisitions over the last decade. It will definitely scale up our Insurance business portfolio where customers will continue to enjoy a wide range of insurance solution via our East Africa network. I believe that the move will also help us penetrate the Ugandan Insurance market further while continuing to deliver value to customers through market-driven and technologically-enabled insurance products,” Mr. Vijay Srivastava reiterated.

Nova Insurance has been in existence in the Ugandan market since July 2011 and deals with non-life insurance business.

During the acquisition, I&M Burbidge Capital acted as the lead transaction advisor while Kaplan & Stratton acted as legal advisor.

About GA INSURANCE LIMITED

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 Insurance 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 and trusted insurance company in Kenya. In 2006, General Accident Insurance Company was acquired by the renowned I&M Bank Group in Kenya.

Following the takeover, the company has been restructured and has established professionally in the market. Carrying on GA’s legacy of a stable and steady company, it has now evolved into a stronger, more responsive and progressive underwriters under the qualified, professional and experienced management. 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.

In the year (2018), GA recorded Ksh. 6 billion in gross written premium with PBT of over Kshs 1 Billion. GA Kenya has the most balanced business portfolio and lead share in property, Engineering, Marine and WIBA class of business in the insurance industry.

GA Group started the life insurance in 2013 as GA Life Assurance Ltd, now a major player in Retirement Benefit Schemes. GA commenced regional expansion in 2014 and now has presence in Tanzania and Uganda.