Leadway Assurance Company Limited has announced that Swiss Re has purchased a 25 per cent stake in the company.
Leadway Managing Director, Mr Oye Hassan-Odukale made this known in Lagos, saying that the acquisition of shares by Swiss Re marks the beginning of a new chapter in the firm.
He said the complementary capabilities and philosophies of the two firms would bring great opportunities for Leadway to emerge as a leading African financial institution.
He said: “Swiss Re was selected as an investor because of the existing and well-established relationship between the two organisations. This comes in addition to Swiss Re’s long-standing commitment to the insurance sector which combines financial strength, risk transfer expertise and its direct investments.
“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 (IFC), a member of the World Bank, which was the second largest shareholder of Leadway Assurance.
“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 and personal line insurance operations into commercial and industrial line insurance operations to compete in a market which was dominated by much older foreign linked insurers.’’
Hassan-Odukale added: “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 remarkable success has been possible because of its sound professional and business standards backed by the integrity of its board of directors and executive management.’