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Greenoaks completes acquisition of 92.8% stake in Union Assurance

By on December 12, 2014

The board of Greenoaks Global Holdings Limited has announced that it has completed the acquisition of a 92.8 per cent stake in Union Assurance Company Plc, a former associate company of Union Bank Plc.
Greenoaks Global Holdings (GGH), in a statement yesterday said it has a dedicated fund for insurance asset acquisitions in the emerging markets.
GGH comprises a team with deep Insurance skills and consulting expertise using proven set of tools and capabilities in accelerating growth, improving operations, increasing profits and market share in any chosen market.
The company is focused on achieving exponential growth in emerging markets via a combination of excellent underwriting, customer services, value oriented workforce and dominance in insurance retail distribution.
According to a representative of Greenoaks, Andrew Borda, the investment represents an important element in the actualisation of Greenoaks strategy to further its penetration in emerging markets.
He added that the investment also provides existing and potential Union Assurance clients an opportunity to be a part of a diversified global group positioned to provide service excellence and strong performance.
Andrew expressed his thanks to the National Insurance Commission (NAICOM) and the Securities and Exchange Commission for providing exemplary supervisory oversight during the course of the transaction.
This development brings about the emergence of a new board of directors comprising individuals with pre-eminence across a variety of industries. The new board members are as follows: Fola Adeola, Chairman; Mr. Asue Ighodalo;  Mr. Andrew Borda (Australian); Mr. Stefan Olofsson (Swedish); Owolabi Salami; Mr. Segun Adesanya; Okanlawon Adelagun; Dickie Agumba Ulu; and Godwin Odah (Managing Director).
Managing Director, Union Assurance Company Limited, Godwin Odah, had told a group of insurance brokers in Lagos, that following the CBN’s directive banning universal banking “I am pleased to inform our distinguished brokers that Union Bank is in the final stage of complying with this CBN requirement by divesting its 93 per cent shareholding in Union Assurance.
Odah added:  “As soon as the formal regulatory approvals are secured, we shall be glad to unveil the new owners of the company to our stakeholders, including the broking community.”
He said years 2014 and 2015 promised to produce interesting and exciting performance for the company as it transits through these phases.
A recent report by US-based research firm, Fast Market Research, said Nigeria’s insurance industry would grow at an average annual rate of 7.5 per cent between this year and 2018.