Union Assurance gets $21.8 million capital injection
IN a decisive and bold move to transform Union Assurance Company PLC into a formidable player in the Nigeria insurance industry, the company recently received additional capital injection of $21.8 million (N3.7 billionn) from Greenoaks Global Holdings Limited.
Greenoaks Global Holdings Limited successfully acquired Union Assurance Company PLC from Union Bank of Nigeria PLC for the princely sum of N7 billion late last year.
Segun Adesanya, the Chief Financial Officer (CFO) of Union Assurance, said that the additional capital injection ensures that the Company is operating beyond the stipulated solvency margin by NAICOM in addition to its being better positioned to effectively execute improved and impactful underwriting services.
Our company was recently acquired from Union Bank by Greenoaks Global Holdings and is consequently undergoing a Transformation exercise. This exercise includes the upgrade of our Information Technology platform (Turnquest) to which we have committed N150 million; new products; proposed unveiling of our new corporate identity; brand new offices across Lagos, Abuja and Port Harcourt as well as the attraction of additional talented and experienced personnel.
Union Assurance Company PLC recently re-constituted its Board of Directors with the pioneer CEO and co-founder of Guaranty Trust Bank PLC – Mr. Fola Adeola emerging as the Chairman.
Greenoaks Global Holdings is fast becoming a major player in the insurance markets in emerging economies having also recently completed acquisitions in Rwanda and Pakistan.