The merger between Regency Alliance Insurance Ghana and NEM Insurance Ghana has made the company more viable in terms of capacity building, resources and human capital, the Managing Director of the company Bode Oseini, has said.
Last year, the two companies, which are both Nigerian owned, became the first insurance companies to merge their operations in the country. Regency Alliance Insurance Ghana is a subsidiary of Regency Alliance Plc of Nigeria and NEM Insurance Plc of Nigeria.
Under the agreement, Regency Alliance Insurance Ghana assumed a 60 per cent controlling stake in the new company.
Delivering a speech during the first anniversary of its merger, Mr Oseini said: “We are indeed excited because, the consolidation has afforded us a lot of synergy in times of capacity building, capability, resources and human capital, our consolidation, or the power of two as we call it, has been a major success and we give thanks to the almighty God for his mercies and at the same time we take pride in the success achieved so far.
“This success could not have been chalked without the support of our brokers, client, agents and all stakeholders who took interest in us and in our desire, to consolidate. To all of you, we owe a debt of immerse gratitude for your support. We are also grateful for the kind support and encouragement received from the National Insurance Commission, in fact this consolidation is a baby nurtured by National Insurance Commission through their various act of encouragement and advice to see us succeed and we say a big thank you.”
He added: “The consolidation so far has been exciting and encouraging, and we see a brighter future ahead, not only for ourselves but for our industry as a whole. It is with this sense of responsibility, that I would humbly recommend mergers and acquisition to other players as a means of consolidation and this has become the necessity of our time.”