A Franco-phone African Insurance Group, SUNU has bought substantial equity (67 per cent) of Equity Assurance Company Liberia Ltd.
This represents a total of US$1.389, 540 million shares bought by the group. The acquisition has given the SUNU Group presence in the Liberian market.
Steven S. Kolubah, Board chairman of Equity Assurance, who disclosed to newsmen in Monrovia, said the partnership with SUNU will bring with it keen competition in the market and engender growth.
The Group already has operations in 11 other African countries including Benin, Burkina Faso, Cameroon, Central Africa, Guinea, Gabon, Mali, Niger, Senegal and Togo, Mr. Kolubah said.
“They are coming in with better technology, capital, ideas, expertise and products. Those of us that have been in insurance, we need to really brace up. These people are coming in stronger terms,” he added.
According to him, “the new investment is in line with the vision of Equity Assurance, that is, to be a leading Africa insurance group.
“This arrangement brings about market presence in Africa and Equity Assurance now belongs to a major insurance conglomerate in the continent.
“We hope to leverage on this to maximize all the possible economies of scale including market competition for the overall benefit of our stakeholders.”
As a strategic step, Mr. Kolubah said, they are expected to re-brand to the new company, because majority’s share of Equity is been purchased by SUNU Group.
He re-assures the public and their valuable customers that there that are here and ready to do business and to improve the insurance industry.
“I want to be clear to the public, our customers out there who have being so loyal to us , we as a company are here to stay, not only to stay but to do the best that will add value to our products and the insurance industry in Liberia,” he said.
On the way forward, the Equity Board chairman said, “We plan to be innovative in service delivery, products development, cost management, customers experience and ensuring proper balance in all our dealings. We shall preserve and multiply value of our shareholders and ultimately maintain a consistent dividend payment policy.”
Karim Franck Dione, head, management control and financial management divisions function, Equity Assurance subsidiaries, said a major point of attraction for investing in the Liberian market was the visibility of developmental projects and prospects for growth in the economy.
With the vast experience and exposure that SUNU has in doing insurance business internationally, he said it bring in a lots of experience to assist Equity Assurance to develop faster.
The company, he added, was also adding value because it believed in working through the local people thereby creating employment opportunities in the society.
He said since 20 years, the group has been recognized for its professionalizing and the quality of services provide to it partners and customers.
“We are noted in all part of Africa to respect our customers, business partners and regulators in countries that we operate from.
“So, SUNU is in Liberia to stay, as a pan African group our vision is to develop our countries, continent in the 21st century.
“We want to say all is well that we as Africans can manage a company, create value, develop and manage technology that will move the continent forward,” said Dione.
Speaking on the company’s performance, Dione said the total income for the SUNU in 2016 and 2017 was US$ 218M and seven million, respectively.
“We are going to re-structure the organization and introduce some general business; we will adopt the prospect of the group with the local reality with the environment.
“We are changing the management in order to move the company forward. We have great expectation of the company and for this country,” he concluded.
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