GoldStar Insurance Marks 30yrs With Reaffirmed AA(UG) Financial Strength Rating From GCR

By Frank Kamuntu

GoldStar Insurance Company Limited, one of Uganda’s leading general insurers and a member of the Ruparelia Group, has marked its 30th anniversary with the reaffirmation of its AA(UG) national-scale financial strength rating by GCR Ratings, one of Africa’s foremost credit rating agencies.

The affirmation, issued with a stable outlook, places GoldStar among the most financially secure insurers operating in the Ugandan market. The rating reflects GoldStar’s strong capitalisation, sound liquidity, and consistent earnings capacity. The company’s statutory capital adequacy ratio stood at 311% at the end of 2025, comfortably above the 200% minimum required by the Insurance Regulatory Authority of Uganda. This was underpinned by a capital base of UGX 43.6 billion, built largely through retained earnings rather than external injections.

GoldStar’s momentum is also reflected in its growth. Insurance revenue rose by 21% in 2025 to UGX 51.2 billion, lifting the insurer’s market share to 5.3% on the back of strong demand across its engineering, transport, and broader commercial lines.

GCR additionally recognised GoldStar’s strengthened governance, including the appointment of independent board members and the establishment of dedicated board committees.

The recognition arrives in a landmark year. Under the banner of its 30th-anniversary campaign, “30 Years. One Promise.”, GoldStar is celebrating three decades of growth from a young general insurer into one of Uganda’s most trusted and best-capitalised underwriters.

The reaffirmed rating offers independent third-party confirmation that the promise made to clients three decades ago, to pay claims fairly and remain financially strong, continues to be kept.

GoldStar’s rating journey reflects that strengthening. The insurer was first rated A(UG) in 2007 and was subsequently elevated to AA(UG), the level GCR has now affirmed for a further period. This progression mirrors the company’s steady consolidation of capital, governance, and market position over time.

“To reach 30 years and hold an AA(UG) rating in the same year is a powerful endorsement of the trust our clients, brokers, partners, and regulator place in GoldStar. This rating is not a marketing line; it is an independent assessment of our balance sheet, our governance, and our ability to pay claims when it matters most. As we celebrate this milestone, our commitment for the next 30 years is exactly what it was on day one: to be there when our policyholders need us.”

Jay Sakaria, Chief Actuary, GoldStar Insurance Company Limited.

About GoldStar 

GoldStar Insurance Company Limited is a Ugandan general insurer and a member of the Ruparelia Group.

Holding a GCR national-scale financial strength rating of AA(UG) and certified to ISO 9001:2015, GoldStar is licensed and supervised by the Insurance Regulatory Authority of Uganda and operates from Crane Chambers, Kampala Road, Kampala.

Over three decades, the company has built a reputation for financial strength, prudent underwriting and reliable claims settlement across motor, engineering, transport, property and other commercial and personal lines.