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17 Mar 2020

GA INSURANCE TAKES OVER NOVA INSURANCE COMPANY

With Uganda’s conducive regulatory and investment climate for mergers and acquisitions, GA Insurance operating in Kenya and Tanzania has now taken over NOVA Insurance Company which has been operating since 2011.

Speaking during its launch on 5th March at Serena Hotel, the IRA Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega welcomed GA Insurance and the team to Uganda saying that the new strategic partnership is a reflection of a stable and competitive insurance business environment in the country.

“This is an indication that investors have confidence in Uganda’s insurance market whose growth is very promising. No investor will take their money where they are not sure of surviving. GA Insurance Uganda has made the right decision and as the regulator, I can authoritatively say that you will receive all the necessary support,” Kaddunabbi said.

GA Insurance is one of the largest Insurance Companies which has been in trading in Kenya for over 50 years as General Accident Insurance Company Ltd and later, in 2009, as GA Insurance Ltd.

Francis Kamau, the GA insurance Chief Executive Officer, said the company’s operations in Uganda will concentrate on general insurance with plans to expand to start life insurance operations in the medium term.