Leadway Assurance Company Limited says Swiss Re has purchased a 25 per cent stake in the company.
A statement obtained from the firm on Friday said the acquisition of shares by Swiss Re marked the beginning of an exciting chapter in the history of Leadway.
The Managing Director/Chief Executive Officer, Leadway, Mr. Oye Hassan-Odukale, stated that the complementary capabilities and aligned underwriting philosophies of the two organisations would bring great opportunities for Leadway to emerge as a leading African financial institution.
The Executive Director, Financial Services, Leadway Assurance, Mr. Tunde Hassan-Odukale, stated that Swiss Re was selected as an investor because of the existing and well-established relationship between the two organisations.
According to the firm, this is coming in addition to Swiss Re’s long-standing commitment to the insurance sector, which combines financial strength, risk transfer expertise with its direct investment.
The firm stated, “The investment allows Swiss Re to deploy capital in line with its strategy of accessing new risk pools in emerging markets and to support insurance development across the globe. The investment comes after the exit of the International Finance Corporation, a member of the World Bank, which was the second largest shareholder of Leadway Assurance.”
It added that the relationship between Swiss Re and Leadway started nearly 40 years ago when the then domestic insurer was in the process of ramping up its direct/personal line insurance operations into commercial/industrial line insurance operations to compete in a market, which was dominated by much older foreign-linked insurers.
According to the firm, for over 45 years, Leadway has enjoyed steady growth while providing integrated insurance and financial services to its numerous clients and policyholders.
“It has substantial investment in key sectors of the economy with a diversified portfolio of subsidiary investments in pension fund management, trusteeship and hospitality.
“The company’s success has been possible because of its sound professional and business standards backed by the integrity of its board of directors and executive management,” it stated
