{{Britam- British-American Investments Company Limited, a leading diversified financial services group in the region in Friday, July 25 officially launched its operations in Rwanda market.}}
The official commencement of Britam Insurance Company’s operations in Rwanda stamps the firm’s objective of widening its foot print in the East African region and tapping into the un-insured segments of population.
Recent statistics place Rwanda’s insurance penetration at 2.3% which is way below the globally recommended standards and Britam, with its entry into Rwanda, aims to bridge this divide by providing innovative and unique insurance solutions that meet the needs of Rwandans.
According to Dr. Benson Wairegi, Britam Group Managing Director, the company is committed to providing clients with great service and competent financial expertise to help them meet their financial goals; adding that the firm currently has a share capital of over RWF 2 billion.
“We have always been keen on expanding into emerging markets. This particular strategy is what informs our East African expansion drive. We already have a presence in Kenya, Uganda and South Sudan. Rwanda thus completes our current footprint in the region,” Wairegi explained.
He added that the firm would provide insurance, asset and property management.
He assured the Rwandan investors that the coming of Britam is an indication that the company is keen on maintaining its position as the leading diversified financial services group in the region.
Hon. Francoise Kanimba, Minister of Trade and Industry who also spoke at the event expressed his appreciation for Britam for investing in the Rwandan Market. He highlighted their Rwf2b capital which more than what is required.
He said, “As a Government we appreciate the role played by the private sector in complementing the Government’s efforts in the areas of job creation, transfer of knowledge and the overall economic growth.
We are particularly grateful to private investors from Kenya and other regions who have taken advantage of improved investment conditions in Rwanda and have set up businesses in the country.
The government has set up a conducive environment to enable our investors to set up and conduct their business with much ease.”
According to the company’s 2013 Financials, Britam’s Assets under management rose to US$412m from US$320.
The firm’s acquisition of a 99 percent shareholding in Kenya’s Real Insurance Company Limited in December last year rubber stamps the company’s commitment towards gaining a market share of the region, making it the largest Pan African insurance company within the East and Central African region.
The acquisition will further increase Britam’s footprint to cover Mozambique, Malawi and Tanzania resulting into the creation of one of the largest insurance groups in the region, with operations in 7 countries.
This places the company at a vantage position to take on bigger risks as a result of merging two companies that have well-documented track records of excellence.
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