Sanlam General Insurance Uganda Limited has successfully concluded their acquisition of Lion Assurance Company Limited (LAC) in Uganda.
Lion Assurance Company which is one of the most leading insurance company in Uganda with its business mainly in motors ,financial (loan protection and fidelity guarantee) ,personal accidents and fire insurance has been merged at an initial fee of USD 6.5 million.
While addressing the media at Serena hotel earlier this morning, SEM’s chief executive officer Mr. Junior Ngulube said, “we are confident that merging with Lion assurance company here in Uganda will offer an opportunity to strengthen our position of our company in the market at the same time benefiting our clients who will have access to the combined expertise of our staff .”
He went further to highlight that having combined the two businesses, Lion Assurance Company (LAC) will renew all existing clients policies under the Sanlam brand and LAC clients policies will be managed by the Sanlam general insurance Uganda who will administer claims ,organize and make changes to the existing policies and provide cover for any new requirements that existing LAC clients may have.
Commenting on the transaction, SGIU chief executive officer Mr. Gary Corbit said “This is an exciting development for all stakeholders ,policy holders will have the same or even better policy terms and conditions and On the other hand ,staffs will have access to training and developmental opportunities provided by sanlam the largest insurer in Africa.
