Britam acquires Real Insurance for $15.74 million
Britam acquired 99 percent of Real Insurance under a deal involving cash and share exchange valued at $15.74 million. Real Insurance will come out stronger from its integration into the company because it has a solid financial base, modern computer systems and more
innovative products,” said Britam in a statement.
The group offers a wide range of financial products and services in Insurance, Asset management, Banking and Property. The product range includes: life, health and general insurance, pensions, unit trusts, investment planning, wealth management, off-shore investments, retirement planning, discretionary portfolio management, Property development and private Equity.
Last year Britam had a 4.4 percent share of the insurance market in Kenya while Real Insurance controlled 3.1 percent, according to the
Association of Kenya Insurers.
In 2007, Britam acquired a strategic stake of 10.1 per cent in Equity Bank, and a 21.6 per cent shareholding in Housing Finance. In 2010, Britam’s regional expansion started with the group venturing into Uganda with the incorporation of Britam Insurance Company (Uganda) Limited.
In 2012, the group rebranded from Britak to Britam, creating a new fresh identity. In 2013, Britam entered into a strategic partnership with the Acorn Group, through the purchase of a 25 percent stake in the leading real estate firm, as part of its wider strategy to venture into the property market.
Britam Insurance Company (Rwanda) Limited was incorporated and licensed in 2013 by the National Bank of Rwanda.