NCBA Group has announced the take-over of AIG Kenya Insurance Company Limited (AIG Kenya) from its parent company AIG Group Inc.
The acquisition was announced by the parent company, AIG Group Inc.
It announced the acquisition plans last September, and the deal had to get approvals from several regulators.
NCBA plans to tap into the small but sizable insurance industry valued at KSh 309bn which is growing at a compound annual growth rate of 10% even amidst ongoing macro-economic challenges.
AIG Group, Inc has held a minority shareholding in the insurer for two decades, and did not disclose how much it paid to acquire the rest of the company.
AIG Kenya is a 50- year old insurance business, with clientele cutting across multinationals, blue chip companies, small and middle-sized enterprises, and individuals.
AIG Kenya started operations in 1972 as a subsidiary of the American International Group, Inc (AIG), a conglomerate with a presence in over 80 countries. The multinational had to be bailed out during the 2008 financial crisis, which saw the Federal Reserve assuming a controlling stake before progressively selling its shareholding in the early 2010s.
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