Business News of Friday, 19 October 2018
GN Insurance Holding Company has hinted it will be listing on the Ghana Stock Exchange (GSE) to offer an opportunity for Ghanaian investors to own part of the company.
Group Chairman of GN Group of companies, Dr Papa Kwesi Nduom, said this at a ceremony which saw one of his companies, GN Insurance, engage some insurance brokers to forge closer ties.
The plan to let Ghanaians own part of the company is to be executed in three years’ time.
“We are not developing GN Insurance only to go and sell it to some foreign insurance company to come and put their brand on what we have developed here in Ghana,” Dr Nduom said.
He added, “Perhaps in another two [to] three years, what we intend to do is to offer some of our shares to anybody who wants to become a part of what we do; not just of GN Insurance but of GN Life, GN Reinsurance, our health company and become a part of what we are building as GN Insurance Holding Company.”
This will mean that after operating for some time, the company’s shareholding structure will change all other things being equal.
Minimum capital requirement
Chief Executive Officer of GN Insurance Company, Albert Eyeson-Ghansah told JoyBusiness, his outfit would consider private equity funding as part of strategies to meet an increase in minimum capital requirement for the industry.
“We’ve been discussing this at the board level and our shareholders are very much aware of this so they are preparing for us to meet that minimum capital because GN Insurance is here for the long haul.
There are a number of options that we are looking at; we are looking at private equity funding, shareholders looking to put in extra money and ultimately we want to list like the Group President mentioned.”
Vice President of the Ghana Insurance Brokers Association (GIBA), Shaibu Ali, in a solidarity message, urged insurance firms to take insurance brokers seriously.
“If any insurance company decides to take any broker however small for granted, you’ll pay dearly for it.” Mr Ali said.
Dr Nduom, however, used the opportunity to rebrand the insurance companies, which is GN Insurance, GN Life Assurance, GN Reinsurance and the health insurance companies, as subsidiaries of GN Insurance Holding Company.
Chief Executive of GN Life Assurance, Fiifi Simpson has been appointed as Vice President of the holding company.