NIGERIA – Tangerine Life Insurance Limited, a subsidiary of Verod Capital Limited, has concluded the acquisition of ARM Life Plc.
The key objective of the acquisition is to build a stronger, broader insurance and financial services platform, drawing on the strengths of both entities. Tangerine’s strength in the corporate market segment and ARM Life’s broad retail and annuity-based service offering.
Since it was first announced in February 2020, both organizations have embarked on a rigorous exercise to evaluate their collective strengths and address any gaps, towards building an impressive new enterprise focused on digital first. The new entity will focus on impressing and satisfying customers with quality products and a superior customer experience.
Tangerine Life’s ethos and drive is clear in the words of Livingstone Magorimbo, Managing Director, Tangerine Life, “Integrating the businesses has presented us a tremendous opportunity to enhance our capabilities, improve operating efficiencies and grow our businesses.
“At Tangerine Life, we will continue to innovate, drive positive change within the insurance industry and create tremendous value for our customers towards effectively positioning our business to stay ahead of the next wave of industry evolution.”
The next phase of ARM Life’s rich retail and annuity heritage involves leveraging technology to better serve all stakeholders as evident in the words of Stephen Alangbo, (former Managing Director at ARM Life) and director at Tangerine Life “Innovation is paramount in ensuring customer satisfaction in today’s business landscape.”
“We believe that the combination of both entities will ensure exceptional value creation for existing and new customers and partners”.
The merger places Tangerine Life firmly as the 4th largest life insurer in Nigeria and positions it for future growth.
According to the press release, the merger places Tangerine Life as the 4th largest life insurer in Nigeria and position it for future growth.
Tangerine Life Insurance Limited, formerly known as Metropolitan Life Insurance Nigeria Limited was incorporated on 19 August 2004 and licensed by NAICOM on 14 February 2007. It is principally engaged in the provision of group life, credit life and individual life products to over 12,000 blue-chip corporate and retail clients.
The Company is majorly owned by Oreon LMS Limited, a subsidiary of Verod Capital Growth Fund II, a US$115 million private equity fund managed by Verod Capital Management Limited.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE