Metropolitan Insurance Company Limited has rebranded to Hollard Ghana Insurance Company Limited, following a big-ticket takeover by the South African insurer.
Hollard is bringing to the table its deep expertise, proven technological capacity and strong financial position to underpin the rapid expansion and growth agenda of the local partner.
Chief Executive Officer of the company, Lynda Odru, speaking at a ceremony to unveil the new brand described the deal as a “success”, and one that will enable the local insurer to blend its market expertise with enhanced innovation and global recognition to soar to greater heights.
She said in her remarks: “This is an emotional feat for the company as a respected and easily recognisable brand.
Now we can look ahead with great excitement in our new life as we aim to create even greater value for stakeholders.
“This is a deal born out of our quest for innovation, open interaction and desire to go beyond comfort zones; one that will offer immense opportunities for our people, stakeholders and customers.”
Mrs. Odru indicated that with the takeover, the company will now be able to take on greater risks, operate more efficiently and offer greater value to shareholders and customers.
She added: “We will seek to blend our local knowledge of the market with the experience, skills and capital of Hollard; and we will make sure our customers are empowered to enjoy a sustainable future through innovative products and services”.
Hollard is the second-largest non-life insurer in South Africa, commanding over five million customers and with a strong presence in other African countries including Namibia, Botswana, Zambia and Mozambique.
Chief Executive Officer of Hollard, Brooks Mparutsa, revealed that the deal was hammered out by the company’s strategic quest to invest in growing and dynamic markets that offer potential for growth.
Aside from that, he said, Hollard will seek to grow the market and expand financial inclusion by offering opportunities for young graduates and allied stakeholders.
He said: “We were looking for room to grow in the region; and that, coupled with the favourable regulatory regime, was a key part of this investment.
“We will utilise and develop local talent in addition to having a long-term view on business relations with banks, brokers and other industry stakeholders to ensure that people live a secured and productive life.”
Mr. Mparutsa indicated that Hollard’s presence on the domestic insurance market will inspire the lives of Ghanaians and Africans as a whole in a win-win situation as it seeks to position as the country’s favourite insurer.
Commissioner of Insurance Lydia Lariba Bawa welcomed the international giant onto the local insurance market, as it will accrue to innovation, best practices and reach of the market to the largely untapped public.
She mentioned micro-insurance as one area that has more room for growth: “Despite various reforms in the industry, most Ghanaians still do not access insurance as a tool for poverty reduction. Much remains to be done, especially in the area of micro-insurance”.
She encouraged insurers to adhere to the regulator’s various interventions as they will help to promote the market’s soundness and stability.
Source: B&FT Online