Mansard Insurance plc, a member of AXA Group has announced the completion of its acquisition of 60 per cent Penman Pensions Limited in move aimed at consolidating insurer’s position as one Nigeria’s leading non-bank financial services groups.
With the acquisition of Penman Pensions Limited, MansardInsurance extends its subsidiaries to
four, having already made significant inroads into the asset management, health insurance and property segments through itswholly owned subsidiaries (Mansard Investments Limited andMansard Health Limited) as well as its majority holding in theproperty joint venture, APD Ltd.
According Tosin Runsewe, the Chief Client Officer "This acquisition brings us step closer to achieving our growth plans hinged on exploring the significant synergies across ourbusinesses and franchise. We intend build on successes of Penman even as we infuse the business with our entrepreneurial spirit, excellent client service and relentless focus on generating superior risk-adjusted returns. Penman's retirement and long term investment solutions will now also be available to ourexpanded client base and will be accessible using our multi-channel distribution platform."
Dr. Umaru Kwairanga, the Chairman of Penman said, “We are excited to have Mansard Insurance take a majority stake in Penman Pensions. This investment serves as amark of confidence in the tireless efforts of the board andmanagement of Penman since inception towards positioning the business to explore the pension industry’s significant growthpotential. With Mansard Insurance now as the core investor, welook forward to utilizing the group’s proven and significant competences towards bolstering our position as the retirement solutions provider of choice”.
Mansard Insurance plc, a member AXA group, was incorporated in 1989 as a private limited liability company and is registeredas a composite company with the National InsuranceCommission of Nigeria (NAICOM). The Company offers lifeand non-insurance products and services to individuals andinstitutions across Nigeria whilst also offering advisory andinvestment management services and Health Maintenance Solutions through its two subsidiaries Mansard Investments Limited and Mansard Health Limited respectively.
The company was listed on the Nigeria Stock Exchange inNovember 2009 and has Market Capitalization in excess of N29billion remaining the biggest insurance company on the NigerianStock Exchange.
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