In the front row standing are Sir Sam Jonah (5th from left), followed by South Africa’s High Commissioner to Ghana, Lydia Bawa, National Insurance Commissioner, Linda Oduro, CEO of Hollard Ghana and other guests at the event
MET Insurance Company has now been taken over by South African insurance giant Hollard Insurance.
Per the agreement, MET Insurance is now known as Hollard Ghana after the latter acquired 51 percent in the Ghanaian company.
At a soiree recently to formally announce the deal, management of MET Insurance, expressed delight at the major step taken by the two companies.
Before the takeover, MET and Hollard collaborated in a joint venture that led to the development and distribution of Bancassurance products through Barclays Bank of Ghana.
“Our turnover is $1.4 billion, our assets are $2.4 billion and profit before tax of $250 million. So we have significant financial strength to invest in MET,” Chief Financial Officer of Hollard, Brooks Mparutsa, told guests at the inauguration.
He said the company chose MET insurance because of the wealth of skills of staff and its reach in the market, adding that the local insurance industry also has a lot of potential.
“We have low insurance penetration of about two percent, but the general industry grew at 25 percent over the past five years. So there is great potential which we believe with our expertise in product design and development, IT infrastructure and capacity building, we should partner MET Insurance to penetrate the market further,” Mr Mparutsa said.
Commissioner of the National Insurance Commission (NIC), Lydia Bawa called on the company to use its experience to churn out new products that will enrich the country’s range of insurance products.
Former CEO of Hollard Ghana, Kwame Gazo Agbenyadzie, whose tenure the preparations towards the partnership commenced, expressed confidence in the new vision of Hollard and said very soon it would be a household name in Ghana.
MET Insurance, in their search for a worthy partner, wanted a shareholder that offered both the skills and expertise to allow the company to flourish without diluting its existing corporate culture and reputation in the market.
CEO of Hollard Ghana, Linda Oduro, emphasized the company’s delight in undertaking the takeover which she described as a “favourable partnership” not only for the experience Hollard brings to the market, but the increased capital to take on larger risks.
A business desk report