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.
AIG was licenced to operate non-life insurance business including motor-third party, fire and burglary, among others.