Equity Assurance changes name to Sunu Assurance
EQUITY Assurance has announced that its same has been changed to Sunu Assurance, earlier in February 2018, it was announced that a Franco-phone African Insurance Group, SUNU has bought substantial equity (67 per cent) of Equity Assurance Company Liberia Ltd.
The company also completed similar acquisition of Equity Assurance Ghana. The acquisition reflects that a total of $1.389, 540 million shares of Equity Assurance has been bought by the group
A statement by the company’s secretary, John Akubueze said that SUNU Assurance as the majority Shareholder of Equity Assurance plc, acquired 60 per cent ownership while the existing shareholders have collapsed their ownership to 40 per cent.
The paid up capital of Equity Assurance peaked at N7 billion clearly beyond the required N3 bn for a non-life general business insurance company in Nigeria.
According to him, “the new investment is in line with the vision of Equity Assurance, that is, to be a leading Africa insurance group. SUNU Assurance is present in 12 Franco-phone African countries, while Equity Assurance is present in three Anglo-phone countries. This arrangement brings about market presence in 15 African countries and Equity Assurance now belongs to a major insurance conglomerate in the continent.
“We hope to leverage on this to maximise all the possible economies of scale including market competition for the overall benefit of our stakeholders”.
As a strategic step, he said, the existing management is intact. However, “we have additional member in the board to represent SUNU’s interest while the brand remains the same,” he said.
Stories by Bonny Amadi
