The Rwanda Social Security Board (RSSB) has completed the acquisition of BK Group Plc’s entire shareholding in BK General Insurance Ltd (BKGI), making RSSB the sole shareholder of the insurer.
The transaction, valued at Rwf31.7 billion, is part of a broader RSSB strategy to consolidate its insurance investments under a unified ownership and management structure.
Under the proposed structure, RSSB plans to establish a holding company overseeing three insurance businesses: BK General Insurance Ltd, SONARWA General Insurance Ltd and SONARWA Life Assurance.
BKGI and SONARWA General Insurance are expected to be merged to form the group’s general insurance arm, while SONARWA Life Assurance will operate as the group’s life insurance subsidiary.
RSSB said the proposed structure is intended to create a larger insurance platform serving both individual and corporate customers in Rwanda and potentially across the region. The institution said bringing the businesses together could create strategic, cost and revenue synergies while allowing the insurance group to operate with greater scale and financial capacity.
The planned structure is also expected to focus on governance, operational efficiency, product development and regional expansion. RSSB said the future insurance group could pursue partnerships with regional and multinational institutional investors and potentially seek cross-listing on regional stock exchanges.
BK Group narrows focus
For BK Group, the transaction forms part of its consolidation strategy, which is centred on commercial banking through Bank of Kigali and investment banking through BK Capital.
BK Group CEO Dr. Uzziel Ndagijimana said commercial banking through Bank of Kigali accounts for approximately 98% of the group’s business, with the restructuring intended to support product diversification, market expansion and greater synergies between its remaining businesses. The insurance disposal follows BK Group’s broader subsidiary restructuring, including the integration of BK Techouse Ltd into Bank of Kigali.
RSSB’s expanding insurance portfolio
RSSB CEO Regis Rugemanshuro described completion of the acquisition as a milestone in the institution’s plans to build a stronger insurance group. The consolidation will bring together businesses operating across general and life insurance, creating a larger corporate structure under RSSB ownership. RSSB said the investment is part of its responsibility to deploy members’ funds in opportunities that can generate long-term value while contributing to Rwanda’s economic development.
The transaction therefore represents both a change in ownership of BK General Insurance and a wider restructuring of Rwanda’s insurance landscape, with RSSB positioning itself to oversee an integrated insurance group with ambitions extending beyond the domestic market.
