Mansard Insurance plc, a member of AXA Group, has announced the completion of its acquisition of majority equity stake in Penman Pensions Limited, a move aimed at consolidating the insurer’s position as one Nigeria’s leading non-bank financial services groups.
With the acquisition of Penman Pensions Limited, Mansard Insurance extends its subsidiaries to four, having already made significant inroads into the asset management, health insurance and property segments through its wholly-owned subsidiaries (Mansard Investments Limited and Mansard Health Limited) as well as its majority holding in the property joint venture, APD Limited.
According to Tosin Runsewe, the chief client officer, “this acquisition brings us a step closer to achieving our growth plans hinged on exploring the significant synergies across our businesses and franchise.
“We intend to build on successes of Penman even as we infuse the business with our entrepreneurial spirit, excellent client service and relentless focus on generating superior risk-adjusted returns. Penman’s retirement and long-term investment solutions will now also be available to our expanded client base and will be accessible using our multi-channel distribution platform.”
In his comments, Umaru Kwairanga, the chairman of Penman, said “we are excited to have Mansard Insurance take a majority stake in Penman Pensions. This investment serves as a mark of confidence in the tireless efforts of the board and management of Penman since inception towards positioning the business to explore the pension industry’s significant growth potential. With Mansard Insurance now as the core investor, we look forward to utilizing the group’s proven and significant competences towards bolstering our position as the retirement solutions provider of choice.”
Mansard Insurance was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM).
The company offers life and non-insurance products and services to individuals and institutions across Nigeria, while also offering advisory and investment management services and health maintenance solutions through its two subsidiaries Mansard Investments Limited and Mansard Health Limited, respectively.
The company was listed on the Nigerian Stock Exchange in November 2009, and has market capitalisation in excess of N29 billion, remaining the biggest insurance company on the Nigerian Stock Exchange.