Sanlam Group of Companies has taken over Soras Assurance General Ltd and Saham Assurance Rwanda Ltd following an acquisition of the two companies.
The duo was fully acquired by Sanlam, a South African company, following a process that began in 2014 when Sanlam acquired a 63 per cent stake in Soras after investing $24.3 million.
Sanlam first took over Soras insurance in 2017 when it bought the remaining shares, leading the firm to have a 35 per cent of the market share and assets on an estimated Rwf 45 billion
The merger of the two companies was signed on January 30, 2019 by the Board of Directors Vianney Shumbusho Rurangirwa of Soras and Jean Baptiste Ganza Gasanana of Saham.
“The proposed merger will have a positive impact on all stakeholders, enabling the merged company to offer a wide range of world-class innovative products and services,” a statement reads in part.
It confirmed that all assets and liabilities of Saham Assurance Rwanda, including existing insurance policies and related obligations, will be transferred to Soras Ltd.
The merger is expected to boost efficiency, effectiveness and operations of the single company.
The National Bank of Rwanda (BNR) has approved the development giving the firms a go ahead to merge. The process is expected to be complete by the end of March 2019.
Soras Group started operating in Rwanda in 1984 and in 2010 it expanded to provide health insurance, loans, students saving scheme, pension and death insurances.
By 2017, the group had accumulated assets worth of over Rwf 18b up from Rwf 8b in 2010.
Sanlam is currently operating in 33 African countries with over 3000 employees and profit worth $1.6b.