A South Africa-based financial services firm, Sanlam, which currently controls 2% of Uganda’s insurance business, has officially acquired Lion Assurance Company-Uganda.
The chief Executive officer Sanlam -Uganda Gary Corbit says the deal is worth 6.5 million US dollars and is hoped will greatly increase insurance penetration which currently stands at less than 1% in Uganda.
The deal puts Sanlam insurance to acquire almost 100% of interest in the share capital of Lion Assurance Company in Uganda.
Sanlam, which entered the Ugandan insurance market through a 50.3% acquisition of NIKO insurance in 2013, is ranked 14th out of the country’s 21 non-life insurance companies.
RELATED : Government to table National Health Insurance Bill by November