BK Group Plc moves to acquire SONARWA

On 31 May 2019 at 08:22

BK Group Plc is holding discussions with SONARWA to set up a merged insurance company in Rwanda with improved performance taking lead in the sector.

In 2017, BK Group Plc launched BK General Insurance (BKGI).

The company continues to record very good performance where it earned Rwf 690 million profit in the first quarter of 2019 up from Rwf 79 million last year equivalent to the growth of 701%.

At the beginning of this year, South Africa’s insurance company, Sanlam acquired shares in SORAS and Saham merging them under one insurance company.

The development was attained after SAHAM also acquired shares in CORAR.

The CEO of BK Group Plc, Dr Diane Karusisi has told IGIHE that BK General Insurance performance over the past three years is very impressive noting that it is not enough for it to become the leading insurance company in Rwanda.

Commenting on the merger with Sonarwa she said: “When you look at the insurance sector, SORAS and SAHAM have already been merged. Today we are ranked the 3rd insurance company yet. We also want to be leading in insurance services in the country. That is why we look at how to partner with others to expand our activities to take the lead in insurance sector.”

“ We want to see how to make one insurance company. We will let you know this year because we want to finalize discussions before merging operations to create one big insurance company in Rwanda,” added Dr Karusisi.

BK General Insurance has total assent of Rwf 8.6 billion.

Sonarwa was the first insurance company in Rwanda established in 1975 by the Government of Rwanda. It offers diverse insurance products including motor insurance, fire insurance, life insurance, children education insurance and money insurance.

Dr Diane Karusisi said that BK Group Plc wants to improve the performance of insurance companies in Rwanda
the Chief Executive Officer of BK General Insurance, Alex Bahizi, said that the number of their customers keep on increasing as they improve their services
The CEO of BK Group Plc, Dr Diane Karusisi stated that BK General Insurance performance over the past three years is very impressive
Nathalie Mpaka The Chief Financial Officer at BK Group