Swiss Re ac­quires shares in Lead­way As­sur­ance

Daily Trust - - BUSINESS - From Sun­day Michael Ogwu, Lagos

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.

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