Swiss Re acquires shares in Leadway Assurance
Leadway Assurance Company Limited announced, yesterday, that Swiss Re has purchased a 25% stake in the company.
The acquisition of shares by the Swiss Re marked the beginning of an exciting new chapter in the history of Leadway.
The Managing Director, Mr Oye Hassan-Odukale, said 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.
A statement issued by Mr. Tunde Hassan-Odukale, the Executive Director, Financial Services, said that the Swiss Re, was selected as an investor because of the existing relationship between the two organisations and Swiss Re’s commitment to the insurance sector, expertise and direct investments.
The investment allows Swiss Re to deploy capital in line with its strategy of accessing new risk pools in emerging markets and support insurance development across the globe.
The investment happened after the exit of the International Finance Corporation (IFC), a member of the World Bank, which used to be the second largest shareholder.