Leadway Assurance Company Limited, one of Nigeria’s leading insurers, has announced that Swiss Re has purchased a 25 percent stake in the company.
The acquisition of shares by Swiss Re marks the beginning of an exciting new chapter in the history of Leadway.
According to Oye Hassan-Odukale, the managing director/CEO of Leadway, the complementary capabilities and aligned underwriting philosophies of the two organisations will bring great opportunities for Leadway to emerge as a leading African financial institution.
In a statement by Tunde Hassan-Odukale, the executive director, Financial Services at Leadway Assurance, Swiss Re was selected as an investor because of the existing and well-established relationship between the two organisations. This comes in addition to Swiss Re’s long-standing commitment to the insurance sector, which combines financial strength, risk transfer expertise and its direct investments.
The investment allows Swiss Re to deploy capital in-line with its strategy of accessing new risk pools in emerging markets and to support insurance development across the globe. The investment comes after the exit of the International Finance Corporation (IFC), a member of the World Bank, which was the second largest shareholder of Leadway Assurance.
The relationship between Swiss Re and Leadway started nearly 40 years ago when the then fledgling domestic insurer was in the process of ramping up its direct/personal line insurance operations into commercial/industrial line insurance operations to compete in a market which was dominated by much older foreign linked insurers.
For over 45 years, Leadway has enjoyed steady growth while providing integrated insurance and financial services to its numerous clients and policyholders. It has substantial investment in key sectors of the economy with a diversified portfolio of subsidiary investments in pension fund management, trusteeship and hospitality. The company’s remarkable success has been possible because of its sound professional and business standards backed by the integrity of its board of directors and executive management.
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