Sanlam Emerging Markets (SEM) became a potential partner with SORAS Group, the Rwanda’s largest life and non-life insurance company.

Sanlam Emerging Markets (SEM) became a potential partner with SORAS Group, the Rwanda’s largest life and non-life insurance company.
Heinie Werth, SEM’s CEO, said : “We are pleased to partner with the Soras Group, which is a well-established and well-performing business with about 30 years of market experience.”

“The Soras Group has a sound and experienced management team and it boasts the market leading position in insurance in Rwanda. This transaction will support our efforts to consolidate and entrench Sanlam’s position on the continent in general and East Africa in particular,” he added.
SEM is the cluster within the Sanlam Group tasked with expansion into international emerging markets.
SEM already has operations in 10 countries on the African continent, excluding South Africa.

The transaction will see Sanlam doing business directly for the first time in Rwanda.
Werth said that Rwanda is an attractive market because of the low insurance penetration rate and the country’s economic growth prospects.
“We believe Sanlam has the requisite technical expertise and experience which will add value to the business,” he added.

The Kigali-based Soras Group was established in 1984 and has over the years maintained a strong growth record, a strong brand and a well-established local management team led by founder and remaining anchor minority shareholder, Charles Mporanyi.

This transaction is part of Soras Group’s development strategy.
Mporanyi said : “Our vision leads us to partner with a large international company such as the Sanlam Group for the best benefit of the shareholders of Soras, its customers, its staff and the economy of Rwanda.”
A substantial portion of this would be earmarked for expansion in Africa, India and South-East Asia, in line with one of the key strategic objectives which is to grow in selected emerging markets.

The Group reiterated that Africa remains one of its key investment destinations.
“We believe this transaction is yet another highlight in our progress in emerging markets and we hope to draw from our experience of working with other partners on the continent to build a strong and mutually beneficial partnership with the Soras Group,” said Werth.
SOURCE : www.africaammagazine.com

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