Ensure Insurance
| Public | |
| Industry | Insurance |
| Founded | 1993 as "Union Assurance Company Plc" |
| Headquarters | Victoria Island, Lagos, Nigeria |
Key people |
Fola Adeola (Chief Executive Officer) |
| Total assets | US$60 million (2014) |
Number of employees | 200+ |
| Website |
www |
Ensure Insurance Plc, commonly referred to as Ensure, is a publicly listed insurance company in Nigeria. It is licensed by the National Insurance Commission, which is the main insurance regulator in Nigeria.
Overview
Ensure sells life and non-life insurance services including vehicle, home, life and education insurance as well as savings plans.[1]
The company also sells general business insurance products, including fire and special perils, burglary, computer and electronic equipment all-risk, money, compulsory, professional indemnity, machinery/plant all risks, contractors all risks/erection, and goods-in-transit insurance.[2]
Ensure Insurance can be contacted at the following locations
- Head Office - Victoria Island, Lagos
- Marina Office - Lagos Island
- Ikeja Office - Ikeja, Lagos
- Abuja Office - Abuja
- Port Harcourt Office - Port Harcourt
History
Ensure Insurance Plc was incorporated by the Nigerian Corporate Affairs Commission as private limited liability company in 1993 and it commenced operations on October 2, 1998 as Union Assurance Company Limited. In 2014, the company became a public liability company. In 2014, Union Assurance Company Plc. was acquired by Greenoaks Global Holdings, a holding company based in London, United Kingdom. The acquisition was priced at approx. 7 bn Nigerian Naira (~$35m) and Greenoaks subsequently re-branded the company to Ensure Insurance Plc.[3][4][5]
In order to ensure that the newly created entity is operating beyond the stipulated solvency margin set by the local insurance regulator NAICOM, Greenoaks also injected an additional $21.8 million. Under the new ownership the company underwent a transformation exercise which included upgrading the technology platform, launching new products and opening new offices across Nigeria's three largest cities: Lagos, Abuja and Port Harcourt.
Governance
Ensure is governed by a seven-person board of directors. Fola Adeola, one of the non-executive directors is the chairman of the board. Tunde Mimiko, is the Chief Executive Officer.[6]
References
- ↑ "Insurance penetration in Nigeria still very low, says FBN Insurance - Premium Times Nigeria". Premium Times Nigeria. Retrieved 2016-04-14.
- ↑ "Union Assurance Company PLC: Private Company Information - Businessweek". www.bloomberg.com. Retrieved 2016-04-14.
- ↑ "Union Assurance gets $21.8 million capital injection". guardian.ng. Retrieved 2016-04-14.
- ↑ "Nigeria: Greenoaks Global Holdings Acquires 92.8 Percent Stake in Union Assurance". allAfrica.com. Retrieved 2016-04-14.
- ↑ elibawa. "Union Assurance changes name to Ensure Insurance | Punch Newspapers". www.punchng.com. Retrieved 2016-04-14.
- ↑ "About - Ensure". Ensure. Retrieved 2016-04-14.