British-American Investments Company
(Kenya) Limited has today unveiled its new brand identity that will be adopted
in all markets that the company is currently operating in. The company, which
has been known as BRITAK in Kenya for close to 30 years, will now be known as
BRITAM, and its logo will respectively change. The group will however retain
its legal name, British American Investments Company (Kenya) Limited, as listed
at the Nairobi Securities Exchange.
Making the announcement, BRITAM Group
Managing Director said, “Today we are unveiling our new corporate identify,
which will in effect put this organization in a more strategic position to
address, meet and even surpass the demands of a fast changing operating
environment and customer sophistication,” adding that the rebranding will also
create a unified and cohesive culture across all business units and countries
of operation.
Wairegi also noted that the launch of
BRITAM gives the company the needed platform to accelerate the regional
expansion plans.
The company, has been in operation for
close to fifty years with operations in Uganda and South Sudan which are
already operating as BRITAM and plans are underway to launch subsidiaries in
Rwanda which will also operate as BRITAM. Subsidiaries in Kenya will still
operate within their legal operating names: British-American Insurance Company
(Kenya) Ltd and British-American Asset Managers Ltd.
“The launch of BRITAM, will help us
harmonize all our businesses into one company, one brand with a common vision
which will help the company communicate in one language without
losing our company values,” said Wairegi, adding that, “our vision is to be the
most trusted financial services company and we believe that our successful past
will lead us to a great future”.
The launch of BRITAM comes at a time when
the company has recovered from a turbulent economic environment, recording a
profit before tax of KShs. 1.8 billion for the half year ending 30th
June 2012, as compared to a loss of KShs.109.6 million reported during the same
period last year. The company recently announced the establishment of a
Shs 10 billion property fund in an effort to grow its real estate
portfolio.
End
About
British-American Investments Company (Kenya) Limited:
British-American is a leading financial
services group incorporated in Kenya under the Companies Act as a private
limited liability company, and is domiciled in Kenya.
British-American is the holding company
of British-American Insurance Company (Kenya) Limited, British-American Asset
Managers Limited, Britam Insurance Company (Uganda) Limited, and Britam
Insurance Company (South Sudan) Ltd.
The Group offers a wide range of products
and services to individuals, SME’s, large , corporations and government
entities. The range of products includes life insurance, pensions, health
insurance, and general insurance through its insurance arm of the business. The
financial solutions which include, unit trusts, investment planning, wealth
management, off-shore investments, retirement planning and discretionary
portfolio management are offered through its asset management business. In
addition, the company also carries out property development.
The company recently spread its wings and
opened a company in Kampala Uganda, Britam Insurance Company (Uganda) Limited,
which underwrites the same classes of business underwritten in Kenya.
The Group also owns strategic stakes of
10.6% in Equity Bank Limited and 21.3% in Housing Finance.
The Business
British American Insurance Company Ltd
began operations in 1920, in Nassau, NP Bahamas. After establishing its
insurance foundations in the Bahamas, the company adopted a strategy in the
post-war years to expand internationally focusing on British Commonwealth
territories and set its sights on Africa during the nineteen sixties.
British-American Insurance Company Ltd
commenced operations in Kenya in 1965 when the first branch office was opened
in Nairobi. A local company was incorporated in 1980 following a government
directive that all branches of foreign owned insurance companies be locally
incorporated. The insurance company has evolved from a home service company to
its current status of a leading composite insurer providing all classes of
insurance. In 1997 the foreign held equity was acquired by British-American
Insurance Co. (Mtius) Ltd as part of a regionalization strategy of the
British-American group.
In 2004 there was a share swap whereby
the ownership of British-American Insurance Company (Kenya) Ltd. moved to
British-American Investments Company (Kenya) Ltd. British-American Investments
Company (Kenya) Ltd. in turn established British-American Asset Managers Ltd.
After the successful launch of British-American Asset Managers, the group
reorganized its structure.
The insurance company is organized
into two main divisions, short term (or general) insurance business and long
term assurance business, comprising life assurance. Long-term
assurance business relates to the underwriting of risks relating to death of an
insured person, and includes contracts subject to the payment of premiums for a
term dependent on the termination or continuance of the life of an insured
person. General insurance business relates to all other categories of insurance
business written by the company, analyzed into several sub-classes of business
based on the nature of the assumed risks.
No comments:
Post a Comment