LeapFrog Investments, an experienced professional investor in emerging markets, has acquired most stake in UT Life Insurance Company Ltd, the statement claims.
UT Life is on the list of key players inside the a life insurance policy sector in Ghana.
This is LeapFrog’s third direct investment in Ghana, and second from the life insurance coverage sector.
LeapFrog is really a fast-growing investor in Africa, injecting capital, deep expertise and exceptional local knowledge in to the companies where it invests.
According towards statement, Doug Lacey, an associate at LeapFrog Investments, said: “We were attracted by UT’s unwavering commitment to Ghana’s mass-market. UT Life is exceptionally well positioned growing, to prosper also to help millions to really make the most of their lives. We’re backing that potential.”
Martyn Mensah, the key Executive Officer of UT Holdings said: “LeapFrog is a leader in designing insurance products for any mass-market and it’s consists of a great team of strategic operators.
“They could be the right partner for taking UT Life to its next stage of growth. To offer to seeing UT Life reach new heights as a leading force within the Ghanaian life insurance coverage market.”
Kwaku Yeboah-Asuamah, the primary Executive Officer of UT Life said: “Our vision has been to be the most innovative and affordable life insurer for any consumer store bought in Ghana.
“We believe our partnership with LeapFrog will give wings to the growth plans and invite us to learn from LeapFrog’s rich insurance expertise information.”
UT Own life is a rapidly growing life insurer, which includes a significant share of the market in funeral and educational savings policies. It’s concentrated on the mass market and seeks to achieve over One million people by 2020.
The Ghanaian market offers major opportunities for growth, as insurance penetration is below 2% of GDP.
UT Life was formerly controlled by UT Holdings, a diversified Ghanaian holding company that acquired the insurer 2010.
UT Holdings, which is really a major owner of UT Bank, will continue to be a shareholder in UT Life, and serve as a solid local counterpart to compliment the business enterprise on to the ground.
UT Life features a network of nine branches across the nation and as well operates by having a bancassurance arrangement with UT Bank, that has 30 bank branches across Ghana.
UT Holdings plans to use the hails from the sale to support enable growth at its other group subsidiaries, including UT Bank.