BY SALIM KALANZI
Sanlam General Insurance will be takeover all non-life insurance businesses that belonged to the American International Group (AIG Uganda) as the Insurer winds down its operations in the market.
In February 2021, AIG said in a notice that it would continue to service its clients till March 2023 but shall not register any new business. However, a recent statement from Insurance Regulatory Authority (IRA) notes that the insurance firm will transfer all its active policies to Sanlaam General.
“Following a strategic decision to wind-up business operations in Uganda, AIG is currently operating on a run-off basis by continuing to service existing policyholders without taking on new business.
“AIG now intends to transfer its run-off non-life insurance business to Sanlam General, subject to agreeing the final commercial and structural terms of the transfer and the approval of the IRA,” the notice said.
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AIG was licenced to operate non-life insurance business including motor-third party, fire and burglary, among others.
