AIG announced its exit from the Ugandan market at the end of 2016 when its New York based parent company scaled down unprofitable operations around the world so as to offer notable returns to investors
Businesses Insurance service provider Lion Assurance has acquired agents and clients of AIG. The acquisition has seen Lion Assurance rise from 7th to 4th largest insurance provider in Uganda, controlling 7.58 per cent of the market share.
Speaking during a meet and greet cocktail for former AIG agents and clients at Serena Hotel last week, Mr Newton Jazire, the Lion Assurance managing director, said the acquisition of AIG Uganda agents reflects their vision which is to become the insurer of choice for Ugandans and increase market share in Uganda.
“AIG exited the market in December 2016 and in an effort to support the smooth transition and continuity of its service to its existing customers AIG requested interested and reputable insurance companies to bid for its business. Lion Assurance emerged best among the bidders,” he said.
AIG announced its exit from the Ugandan market at the end of 2016 when its New York based parent company scaled down unprofitable operations around the world so as to offer notable returns to investors.
The acquisition of AIG agents has resulted in the former clients of AIG now renewing and buying policies from the wide array of non-Life offerings from Lion Assurance.
“We have also seen a significant improvement in the overall quality of agents as both parties share knowledge to improve services and service delivery to clients,” Mr Jazire said.
However, while AIG has blamed its woes on tough economic times both locally and globally, it appears Lion Assurance has been able to leverage its position as the local insurance partner of CHUBB.
Lion Assurance is a subsidiary of Masawara Plc a jersey registered investment group.
The group is listed on the AIM-London Stock Exchange with a Total equity of S$102m and Total Assets of $290m.
The group has its pan-African investment present in Botswana, Uganda and Zimbabwe and South Africa.