Ensure Insurance (Nigeria)
| Public | |
| Industry | Insurance |
| Founded | 1993 as "Union Assurance plc" |
| Headquarters | Victoria Island, Lagos, Nigeria |
Key people |
Fola Adeola (Chairman) |
| Total assets | US$60 million (2014) |
Number of employees | 200+ |
| Website |
www |
Ensure Insurance plc, commonly referred to as Ensure, is a publicly listed insurance company in Nigeria. It is licensed by the National Insurance Commission, which is the main insurance regulator in Nigeria.
Overview
Ensure sells life and non-life insurance services including vehicle, home, life and education insurance as well as savings plans.[1]
The company also sells general business insurance products, including fire and special perils, burglary, computer and electronic equipment all-risk, money, compulsory, professional indemnity, machinery/plant all risks, contractors all risks/erection, and goods-in-transit insurance.[2]
The company works with corporate clients including Total S.A. The Coca Cola Company,British American Tobacco and Chevron.
Ensure Insurance has four branches in Nigeria
- Marina Branch - Victoria Island, Lagos
- Ikeja Branch - Ikeja, Lagos
- Abuja Branch - Abuja
- Port Harcourt Brand - Port Harcourt
History
Ensure Insurance plc was formerly incorporated in 1993 as Union Assurance plc in Lagos, Nigeria. In 2014, Union Assurance plc was acquired by Greenoaks Global Holdings, a holding company based in London, United Kingdom. The acquisition was priced at approx. 7 bn Nigerian Naira (~$35m) and Greenoaks subsequently re-branded the company to Ensure Insurance plc.[3][4][5]
In order to ensure that the newly created entity is operating beyond the stipulated solvency margin set by the local insurance regulator NAICOM, Greenoaks also injected an additional $21.8 million. Under the new ownership the company underwent a transformation exercise which included upgrading the technology platform, launching new products and opening new offices across Nigeria's three largest cities: Lagos, Abuja and Port Harcourt.
Governance
Ensure is governed by a nine-person board of directors. Fola Adeola, one of the non-executive directors is the chairman of the board. Owolabi Salami, is the Chief Executive Officer of insurance.[6]
References
- ↑ "Insurance penetration in Nigeria still very low, says FBN Insurance - Premium Times Nigeria". Premium Times Nigeria. Retrieved 2016-04-14.
- ↑ "Union Assurance Company PLC: Private Company Information - Businessweek". www.bloomberg.com. Retrieved 2016-04-14.
- ↑ "Union Assurance gets $21.8 million capital injection". guardian.ng. Retrieved 2016-04-14.
- ↑ "Nigeria: Greenoaks Global Holdings Acquires 92.8 Percent Stake in Union Assurance". allAfrica.com. Retrieved 2016-04-14.
- ↑ elibawa. "Union Assurance changes name to Ensure Insurance | Punch Newspapers". www.punchng.com. Retrieved 2016-04-14.
- ↑ "About - Ensure". Ensure. Retrieved 2016-04-14.