Kenya-based General Accident Insurance Company (GA Insurance), which operates in the general and medical insurance segment, has finalised the acquisition of the entire capital of the Ugandan non-life insurance company, Nova Insurance.
The acquisition has received the approval of the regulatory authorities of both countries. It is part of GA Insurance's regional expansion strategy. In its 2018 annual report, the insurer said that it planned to extend both its local and regional reach.
"We look forward to continuing our expansion strategy of seeking diversification opportunities in East Africa and beyond,"said SBR Shah, chairman of GA Insurance, in the report.
GA Insurance also has operations in Tanzania.