AIG Kenya rebrands to NCBA Insurance after acquisition

Published By The Statesman For The Statesman Digital
1 year ago

AIG Kenya has rebranded to NCBA Insurance Company after it was acquired by NCBA Group last year.

The insurer now joins six other subsidiaries under the Group’s umbrella.

“NCBA-IG will now become more competitive with amplified positioning in the market and inspire growth as a trusted insurance solutions partner to deliver on the Group`s customer obsession mission focus for 2025,” John Gachora, NCBA Group Managing Director, said.

In July 2024, NCBA took control of AIG Kenya Insurance Company after buying 66.67 percent of the latter’s issued share capital.

At the time of takeover, AIG Kenya Insurance Company’s parent company, America International Group Inc (AIG), operated in over 80 countries globally, offering NCBA Group existing multinational firms as well as individuals.

The Group’s acquisition of the insurer came at a time when other lenders in the country had already diversified into bancassurance.

For example, KCB, National Bank, and Equity Group have diversified into the insurance business.

“The strength of the NCBA brand and its deep local market history will empower us to provide relevant products and services for our customers,” NCBA Insurance Company Managing Director Stella Njunge added.

“With this new brand identity, we are set to drive better understanding of insurance products, demonstrate value for our customers, and accelerate our growth within the insurance sector.”