BK Group Plc is set to merge its insurance subsidiary, BK General Insurance, with the Rwanda Social Security Board’s (RSSB) subsidiaries Sonarwa General and Sonarwa Life to form a new holding company, pending shareholder and regulatory approvals.
- •The transaction, once approved, will form “InsureCo”, a new holding company operating both general and life insurance businesses in Rwanda.
- •The deal, already approved by BKG’s board of directors, now awaits shareholder endorsement at the company’s Annual General Meeting (AGM) scheduled for 9th May 2025 at the Marriott Hotel in Kigali.
- •The new entity will provide diversified insurance products including motor, health, education, and life policies, and expand digital distribution and cross-channel servicing across Rwanda.
Regulatory approvals will also be required before the incorporation process begins.
“We are aligning operational strength with long-term strategic goals,” said Dr. Uzziel Ndagijimana, Group CEO, BK Group Plc. “InsureCo will allow us to deliver broader insurance access, drive innovation, and grow shareholder value.”
The new entity will consist of:
- •A general insurance arm formed by merging BK General Insurance and Sonarwa General Insurance.
- •A life insurance division anchored by Sonarwa Life Assurance.
Regis Rugemanshuro, CEO of RSSB, added: “This partnership creates a stronger, more resilient insurer. We’re combining trust, track record, and market knowledge to serve Rwanda’s evolving financial needs.”
BK Group’s 2025 AGM notice outlines a broader expansion strategy. In addition to the insurance merger, shareholders will vote on a proposal to establish a Private Equity Fund, a new subsidiary co-owned with the Advanced Finance and Investment Group (AFIG). The fund will invest in long-term private capital projects across the region.
The agenda also includes:
- •Approval of a FRw 29.34 dividend for FY 2024, including an interim payout made in December.
- •Reappointment of Ernst & Young (EY) as external auditors.
- •Re-election of seven board directors, including Chairperson Jean Philippe Prosper.
About the Entities
- •BK General Insurance Ltd: A subsidiary of BK Group, launched in 2015, offering general insurance services.
- •Sonarwa General Insurance Ltd: Rwanda’s oldest non-life insurer, established in 1975.
- •Sonarwa Life Assurance Company Ltd: Spun off in 2011, focused on life products including education and group life policies.
The merger signals a trend of consolidation and scale in Rwanda’s insurance and financial services sector. By combining resources, the new entity will be better positioned to innovate, increase access to insurance products, and compete in a market that is evolving rapidly through technology and customer expectations.
