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.
Due to the acquisition, GA will be part of 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.