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Union Assurance gets $21.8m capital injection

By on April 19, 2015

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 $21.8m (N3.7bn) from Greenoaks Global Holdings Limited. Greenoaks Global Holdings Limited successfully acquired Union Assurance Company PLC from Union Bank of Nigeria PLC for N7 billion late last year.

Segun Adesanya, the Chief Financial Officer (CFO) of Union Assurance, said that the additional capital injection ensured that the Company was 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”, he said.