PRESS STATEMENT:  ISSUED BY GREENOAKS GLOBAL HOLDINGS LTD ON THE ACQUISITION OF A 92.8% STAKE OF UNION ASSURANCE COMPANY PLC.


 

The Board of Greenoaks Global Holdings LTD has completed the acquisition of a 92.8% stake of Union Assurance Company PLC, a former associate company of Union Bank PLC.

Greenoaks Global Holdings has a dedicated fund for insurance asset acquisitions in the emerging markets.

GGH is comprised of a team with deep Insurance skills and consulting expertise using proven set of tools and capabilities in accelerating growth, improving operations, increasing profits and market share in any chosen market. The company is focused on achieving exponential growth in emerging markets via a combination of excellent underwriting, customer services, value oriented workforce and dominance in insurance retail distribution.

According to Andrew Borda, a representative of Greenoaks, the investment represents an important element in the actualization of Greenoaks strategy to further its penetration in emerging markets. He added that the investment also provides existing and potential Union Assurance clients an opportunity to be a part of a diversified global group positioned to provide service excellence and strong performance. Andrew expressed his thanks to the National Insurance Commission (NAICOM) and the Securities & Exchange Commission for providing exemplary supervisory oversight during the course of the transaction.

This development brings about the emergence of a new Board of Directors comprising individuals with preeminence across a variety of industries. The new board members are as follows:

1.       Mr. Fola Adeola; OFR, mni (Chairman);

2.       Mr. Asue Ighodalo;

3.       Mr. Andrew Borda

4.       Mr. Stefan Olofsson

5.       Mr. Owolabi Salami;

6.       Mr. Segun Adesanya;

7.       Mr. Okanlawon Adelagun;

8.       Chief. Dickie Agumba Ulu; and

9.       Mr. Godwin Odah (Managing Director)