A consortium of investors led by Alternative Capital Partners (ACAP), one of Nigeria’s leading fund managers, has concluded the acquisition of a significant interest in Law Union & Rock Insurance Plc (LUR).
With the completion of normal processes, over 1.7 billion units of LUR shares were last week transferred on the floor of the Nigerian Stock Exchange (NSE) to signal the transition in the ownership of the insurance firm.
As part of the ongoing processes to reposition LUR in line with the vision of the new owners, the board of the company has announced the appointment of a new Managing Director in the person of Oluwatoyin Ogunseye to drive the new vision.
Though Mrs. Ogunseye’s appointment is still awaiting the necessary regulatory approval, it was gathered at the weekend that her over 20 years core industry insurance experience and result-oriented professionalism in the industry infomed her engagement.
Until her appointment, Mrs. Ogunseye was a member of the executive management of Custodian & Allied Insurance Plc, a company she joined after a decade with Femi Johnson & Co, a renowned insurance brokerage firm in Lagos.
The company has said that her appointment fits into its transition paradigm to emerge among the top five insurance companies in the country by the end of 2015.
Recertified by the National Insurance Commission (NAICOM) to continue operation as a general insurance business underwriter, Law Union & Rock currently ranks among the top 10 in Nigeria’s insurance industry in terms of gross premium.
The ACAP-led consortium emerged the preferred bidder for Skye Bank Plc’s interest in LUR due to the decision of the bank to divest operations from non-core commercial banking activities due to the Central Bank of Nigeria’s (CBN) new banking policy against banks getting involved in non-core banking businesses.
ACAP is an independent alternative wealth management company with additional focus on private equity, financial advisory principal investments and sales & trading.
ACAP is registered by the Securities & Exchange Commission of Nigeria as a Fund Manager and Corporate Investment Adviser. The company acquired the Oceanic Vintage Fund last year and rebranded it ACAP Canary Growth Fund.
This is the first insurance company acquisition by a local fund manager since the take off of the new CBN policy.
LUR commenced operations in 1951 as chief agency when Sir Mobolaji Bank Anthony held the power of Attorney for Royal International Insurance Holding, a UK leading insurance company.
The company acquired branch status in 1957 and continued operations as a branch of Royal International Insurance Holding, United Kingdom, transacting all major classes of insurance, until June 1969 when it became incorporated locally in compliance with the Companies Act of 1968.