South Africa’s insurer and financial services group, Sanlam, has announced the complete resumption of the Rwandan insurance companies Soras Assurance General Ltd and Saham Assurance Rwanda Ltd. The repurchase transaction was signed on January 30, 2019.
For Soras, the process was initiated in 2014 when Sanlam acquired a 63% stake for $ 24.3 million before repurchasing the remaining shares. At the end of the operation, the South African company controls 35% of the market. Both entities will be merged.
A joint tripartite communiqué states that “the proposed merger will have a positive impact on all stakeholders, allowing the merged company to offer a wide range of innovative, world-class products and services.” The repurchase should be finalized by the end of March 2019.
As a reminder, the Moroccan Saham entered the Rwandan market in 2014 by buying the shares of the Rwandan insurance and reinsurance company Corar-AG Ltd, acquiring 66% of the capital.
Created in 2014, the Soras group has since 2010 expanded its activities to health insurance, loans, student savings plan, pensions and death insurance. In 2017, the group accumulated assets of more than $ 20 million, compared with $ 9 million in 2010.
Present in 33 African countries to date, Sanlam employs more than 3,000 people and has a profit of $ 1.6 billion.
