The board of directors of BK Group has approved the establishment of a new insurance group through a merger of BK General Insurance, Sonarwa General Insurance and Sonarwa Life Assurance.
BK General Insurance is a subsidiary of BK Group while Sonarwa General Insurance and Sonarwa Life Assurance are both subsidiaries of the Rwanda Social Security Board (RSSB).
BK Group CEO Uzziel Ndagijimana said the deal, announced in April 2025, marks the holding group’s strategic entry into life insurance and underscores its commitment to diversified financial solutions.
This proposed new insurance group aims to combine the strengths of leading insurance providers to enhance market offerings and create long-term value for shareholders, customers and employees.
The consolidation will allow the new insurance group to leverage an expanded distribution network, reaching a wider customer base and enhancing both sales and customer engagement. This aligns with the strategic focus of the shareholders and the companies involved. Their focus includes anticipating customer demand for innovative and tailored solutions.
While merger discussions are ongoing among the shareholders of the involved entities, no definitive agreements have been finalised at this stage, said BK Group in a statement.
The proposed transaction is subject to regulatory, shareholders, and other customary approvals.
Established in 1966, BK Group, listed on the Nairobi Securities Exchange and Rwanda Stock Exchange, is known too as Bank of Kigali Group. The Group comprises five subsidiaries: Bank of Kigali, BK Capital, BK General Insurance, BK TecHouse, and BK Foundation. They provide a comprehensive range of services spanning banking, investment management, insurance, technology solutions, and philanthropy to support Rwanda’s economic and social development.