Equity Assurance Announces Change of Name To Sunu Assurance Nigeria



Equity Assurance

Equity Assurance has announced that its name has been changed to Sunu Assurance. Earlier in February 2018, it was announced that a Franco-Phone African Insurance Group, Sunu has bought substantial equity (67 percent) of Equity Assurance Company Liberia Limited.

The company also completed a similar acquisition of Equity Assurance Company Ghana. The acquisition reflects that a total of $1.389,540 million shares of Equity Assurance has been bought by the group.

A statement by the company’s secretary, John Akubueze said that Sunu Assurance as the majority shareholder of Equity Assurance Plc, acquired 60 percent ownership while the existing shareholders have collapsed their ownership to 40 percent.

The paid-up capital of Equity Assurance peaked at N7billion clearly beyond the required N3billion for a non-life general business insurance company in Nigeria.

According to him, “the new investment is in line with the vision of Equity Assurance, that is, to be a leading African insurance group. Sunu Assurance is present in three Anglo-phone countries. This arrangement brings to a major insurance conglomerate in the continent.

“We hope to leverage on this to maximise all the possible economies of scale including market competition for the overall benefit of our stakeholders.”

As a strategic step, he said, the existing management is intact. However, “we have additional members in the board to present Sunu’s interest while the brand remains the same,” he said.


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