Mike Nyinaku, Beige Group CEO
The BEIGE Group (TBG), a financial services provider, has announced the successful completion of its acquisition of Unique Life Assurance Company Limited (U-Life), a licensed life assurance firm in Ghana.
The transaction had been ongoing for some time to ensure compliance with regulatory due diligence and involves a one-year business transformation plan, including a growth in U-Life’s capital base.
TBG has already invested a significant majority stake in U-Life and has also paid over GHc1.3million in claims to ensure that commitments to customers are met on time.
Impact
U-Life will continue to provide policy administration and claims services.
Customers will also continue to access the company’s full suite of life and casualty products and services. Without interrupting the smooth flow of the day-to-day business activities, the business model of the institution and their management structure would be improved to conform to the standards of TBG.
Thus, U-Life would be rebranded to conform to the brand standards of BEIGE and its procedures also transformed to reflect the standards of The BEIGE Group to provide a broad range of financial services.
Market position
This acquisition further strengthens TBG’s market position in the provision of financial services and significantly increases the group’s assets under management.
Approximately 550 Insurance employees from operations, predominantly marketing, will join U-Life and provide dedicated support beyond this one-year business transformation plan.
Together with its subsidiaries and affiliates, TBG is currently providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.
“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll out of a variety of insurance products to the market so we’d hit the ground running,” Mr. Nyinaku added.
Unique Life Assurance Company Limited was established in August 2007, and offers life products for the lower to middle-income market.
The company has 12 branches nationwide in Accra, Tema, Kumasi, Takoradi, Koforidua, Hohoe, Suhum, Nkawkaw, Sunyani, Techiman, Tarkwa and Obuasi.
A business desk report