Standard Alliance Merges With Standard Life, Asset Hits N13.651bn
Foremost insurance underwriting company, Standard Alliance Insurance Plc, has formally merged with its sister company, Standard Life Assurance, to become a one big insurance company, underwriting life and non-life insurance businesses.
The court-sanctioned merger makes Standard Alliance Insurance Plc a leading composite insurance company with a shareholders fund of N6.392b and asset base of N13.651bn.
Speaking on the merger, Mr. Bode Akinboye, Group Managing Director, Standard Alliance, explains, “the merger was a deliberate and strategic decision by the boards of both companies to form a frontline composite insurance company which will play a leading role in the nation’s insurance sector with the ultimate goal of making the company the most preferred place to invest in.”
Akinboye further say, “the emergent composite company means combined professional and result-oriented workforce. Standard Alliance Insurance Plc is now better poised to continue to provide more innovative products and deliver on its promises to all stakeholders.”
In another development, Mrs. Orerhime Emerhor-Iwuagwu, Executive Director, Standard Alliance Insurance Plc, has resigned her appointment. Mr. Akinboye thanked her for invaluable contributions to the growth of the company.