In a recent move, BEIGE Group (BG), a leading financial services provider in Ghana has disclosed its successful acquisition of Unique Life Assurance Company Limited (U-Life), a licensed life assurance institution in the country.
The acquisition process, which had been on for about a year now in accordance with prevailing business regulatory policies, involves a one-year business transformation plan including an expansion of U-Life’s capital base.
The Beige Group, already a major stakeholder at U-Life, has currently deposited over GHc1.3million towards the deal’s value to facilitate timely delivery on customer commitments.
What does this mean for U-Life?
The life assurance company will continue to provide policy administration and claims services. The customers will equally continue to access the U – Life’s full suite of life and casualty products and services.
Without any disruption of its daily business operations, the business model of the company, as well as its management structure would be adjusted to ensure conformity with BG's standard.
What does this mean for Beige Group & its future?
The Beige Group, has from its inception been committed to expanding its portfolio of business which was primarily banking services to Pensions, Insurance and Investments.
BG recently acquired two (2) corporate trustee firms as a means to enter into the Pensions market.
Speaking of the U – Life deal, the Beige Group CEO, Mr. Mike Nyinaku said “Customers can expect an aligned proposition that utilizes the reputation and technical expertise of BG to deliver an integrated service and improved value to clientsâ€.
He added that BG is “carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll-out of a variety of Insurance Products to the market so we would hit the ground runningâ€.
Unique Life Assurance Company Limited was established in August 2007 and offers life products for low to middle-income earners. It has, in nearly a decade of its existence, grown into 12 branches situated nationwide in places such as Accra, Tema, Kumasi, Takoradi, Koforidua, Hohoe, Suhum, Nkawkaw, Sunyani, etc.
Its major services packages include Workers Policy, Prestige Policy, Schooling Policy, Loan Protection Policy, Mortgage Policy, Driver Pa Policy and a few others.
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