SORAS Group Limited
SORAS Group Limited SORAS cluster restricted SORAS cluster Limited commonly better-known as SORAS,The cluster offers a large vary of economic merchandise and services in insurance, property, and banking in Rwanda. is associate degree insurance services cluster. The cluster offers a large vary of economic merchandise and services in insurance, property, and banking in African country.
SORAS cluster restricted
Société Régionale d’Assurances
Industry Insurance, money services
Founded 15 November 1984; thirty three years agone
Headquarters Boulevard Diamond State la Révolution
Chairman of the Board
Products Insurance, Real estate, Banking Holding
Revenue RWF: sixteen.99 Billion (2013)
RWF: 1.68 Billion (2013)
Total assets RWF: forty three.58 Billion (2013)
Total equity RWF: seventeen.97 billion (2013)
SORAS cluster Limited commonly better-known as SORAS, is associate degree insurance services cluster. The cluster offers a large vary of economic merchandise and services in insurance, property, and banking in Rwanda.
The SORAS Group’s headquarters area unit settled in national capital, Rwanda. The cluster has subsidiaries in African country associate degreed an associate in Burundi.SORAS was the primary non-public insurer to be registered and to control in African country.
SORAS cluster is that the largest insurer in African country with a market share of thirty fifth.
HistorySORAS cluster started its operations on fifteen Nov 1984 as Société Rwandaise d’Assurances, as a subsidiary of Union des Assurances Diamond State Paris (UAP) International, to supply insurance services in African country.
On twenty seven September 2010, the firm was reworked into a company with 2 subsidiaries i.e. SORAS Assurances Generales restricted and SORAS contend restricted. To that it transferred its short and future businesses to severally. This was so as to accommodates the Rwandan Law no 52/2008 of 10/09/2008 that responsible insurance firms to separate short term and future activities.
In 2012, as a part of its regional enlargement goal, SORAS cluster nonheritable thirty third of shares of associate degree insurer in Burundi, SOCAR SA. This new acquisition semiconductor diode to the amendment of the company’s that means, SORAS, from Société Rwandaise d’Assurances becoming Société Régionale d’Assurances. The name amendment was to replicate the Group’s standing as a regional company.
During the fiscal year 2013, SORAS cluster although its subsidiaries SORAS Assurances Generales restricted and SORAS contend restricted lost its dominant stake in Agaseke Bank after major changes were created within the bank’s holding structure. This semiconductor diode to a drop by SORAS Group’s holding within the bank from seventy fifth to twenty fifth. The withdrawal from Agaseke bank was a part of the Group’s strategy of focalization on its insurance business.
On three March 2014, Sanlam rising Markets a South African financial services cluster, declared that it had over associate degree agreement to accumulate sixty three interest in Soras cluster in a very deal valued at USD 24.3 Million.This acquisition was completed in Gregorian calendar month 2014 created SORAS a part of a bigger international cluster.
Subsidiaries and Investments
The companies that comprise the SORAS cluster restricted embrace the following:
SORAS Assurances Generales Limited – Kigali, Rwanda – 100% holding – based in 2010. Offering short term and general insurance.
SORAS contend Limited – national capital, African country – 100% holding – based in 2010. Offering life and long insurance.
Agaseke Bank – national capital, African country – twenty fifth holding – A commercial bank in African country, serving people and businesses, focusing chiefly on SMEs. command through SORAS Assurances Generales restricted and SORAS contend restricted.
SOCAR SA – Bujumbura, Burundi – thirty third holding – based in 1998. providing insurance services in Buruu