LeapFrog Investments, a specialist investor in emerging markets on Wednesday announced that it has acquired majority stake in UT Life Insurance Company Limited, one of the key players in the life insurance sector in Ghana.
This is LeapFrog’s third direct investment in Ghana and second in the life insurance sector.
UT Life was formerly controlled by UT Holdings, a diversified Ghanaian holding company that acquired the insurer in 2010.
UT Holdings, which also is a major owner of UT Bank, will remain a shareholder in UT Life.
Doug Lacey, Partner at LeapFrog Investments, said his outfit was attracted by UT’s unwavering commitment to Ghana’s mass market.
“UT Life is exceptionally well-positioned to grow, prosper and to help millions to make the most of their lives. We are backing that potential.”
Martyn Mensah, CEO of UT Holdings also commented: “LeapFrog is the leader in designing insurance products for the mass market and is made up of exceptional team of strategic operators. They are the right partners to tale UT Life to its next level of growth. We look forward to seeing UT Life reach new heights as a leading force in the Ghanaian life insurance market.”
Kwaku Yeboah-Asuamah, CEO of UT Life, expressed the hope that the new partnership with LeapFrog would give wings to new growth plans and enable UT life benefit from LeapFrog’s rich insurance expertise and knowledge.
LeapFrog’s share in the new entity stands at 80 percent while UT Life’s and other stakeholders stand at 20 percent.
A business desk report