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Mar 2011 British American Insurance hopes to raise 74 million USD in capital on the occasion of its next introduction to the Nairobi Stock Exchange in June 2011. The company, which has recently started operating in Uganda, announced it will expand into other countries of East Africa.
British American, founded in 1965 in Kenya, will be the third insurance company to be listed on the Nairobi stock exchange. It has subsidiaries in Tanzania, Burundi and Mauritius. Pre-tax profits amounted to 504 million KES (6.9 million USD) in 2009, that is an increase of 35% compared to last year.