Law Union & Rock Insurance Now Tangerine General Insurance Limited
Eric Idiahi, Chairman, Board of Directors, Tangerine General Insurance
Following earlier acquisition of the 100 percent shares of Law Union & Rock Insurance by Verod Capital Management Limited through the Verod Capital Growth Fund III, Law Union and Rock Insurance Limited has announced a name change to Tangerine General Insurance Limited.
According to the Chairman, Board of Directors, Tangerine General Insurance Limited (formerly Law Union & Rock Insurance Limited), Eric Idiahi, “We are excited by the continued progress in our journey towards building a sound, robust and unique financial services group. We eagerly anticipate the formal launch of the Tangerine brand in the near term and are working to realize our vision for all our stakeholders.”
Meanwhile, the Managing Director and Chief Executive Officer of the company, Ademayowa Adeduro had recently hinted that the foremost underwriting firm has successfully completed the acquisition deal and was set to launch out with the new corporate identity.
Adeduro said: “The crucial phase of our recapitalisation exercise was crossed on February 27, 2020, with the signing of Transaction Implementation Agreement between Verod Capital Management Limited and the majority shareholders of Law Union & Rock Insurance.”
He explained that the TIA gave legal backing to Verod Capital to buy 100 per cent stake in LUR, recapitalise the company to a minimum N10billion and also delist its share from the Nigerian Stock Exchange through Scheme of Arrangement.
With the move, Tangerine General joins other associated companies under the Tangerine Financial Africa (“Tangerine”) brand of companies.
Tangerine is a leading technology and financial services platform in Africa that consistently goes the extra mile to improve the financial security of its customers by merging deep insights and cutting-edge technology. Today, Tangerine comprises of General and Life Insurance companies, a Pension Fund Administrator, a Microfinance Bank; and has immediate plans of entering into other closely related verticals.
All the Tangerine companies are executing a coordinated strategy that seeks to provide African consumers and corporates with a comprehensive suite of financial products and services that are aligned with the very specific needs of their day to day lives and business operations. Tangerine provides customers with the opportunity to save, invest, protect and access credit across different channels, while maintaining a consistent standard and emphasis on customer service, digitization and product customization to ensure convenience and satisfaction.
Law Union and Rock has a long and rich operating history in Nigeria, and as a result, the brand has achieved a reverent position, particularly within the insurance sector, where it has come to stand for stability and resilience. Tangerine General is therefore proud to be the beneficiary of such a legacy and intends to continue to honor and build upon this great heritage. The rebrand echoes the very real change occurring within Tangerine General, beginning with the increase of paid-up capital to N10B, in line with the position of the National Insurance Commission regarding the need for improved capitalization and capacity across the Nigerian Insurance Industry.
Verod Capital is an Anglophone company with various interests in insurance companies that include Tangerine Life, ARM Life and recently acquired a pension fund administrator. It also has interest in technology companies, CSCS Plc, pharmaceutical company.
