Insurance company SA merges with Standard Life
Foremost underwriting company, Standard Alliance Insurance Plc, has formally merged with its sister company, Standard Life Assurance, to become a one big insurance company, underwriting life and non-life insurance businesses. The court-sanctioned merger makes Standard Alliance Insurance Plc a leading composite insurance company with a shareholders fund of N6.392billion and asset base of N13.651billion.
Speaking on the merger, the Group Managing Director, Standard Alliance, Mr. Bode Akinboye, explained that “the merger was a deliberate and strategic decision by the boards of both companies to form a frontline composite insurance company which will play a leading role in the nation’s insurance sector with the ultimate goal of making the company the most preferred place to invest in.”
Akinboye further said that “the emergent composite company means combined professional and result-oriented workforce. Standard Alliance Insurance Plc is now better poised to continue to provide more innovative products and deliver on its promises to all stakeholders.
In another development, Mrs. Orerhime Emerhor-Iwuagwu, Executive Director, Standard Alliance Insurance Plc, has resigned her appointment. Mr. Akinboye thanked her for invaluable contributions to the company.