Specialist investor company, Leaprog Investments has acquired majority stake in UT Life Insurance Company Ltd (UT Life).
Leaprog Investments has acquired 80 percent stake in the insurance company.
This brings to three, the number of direct investments by Leapfrog in Ghana and the second in the Life Insurance sector to be taken over by Leapfrog Investment in less than four years.
Speaking to Citi Business News at the sidelines of the formal announcement of the move, Group Chairman of UT holdings, Price Kofi Amoabeng rejected claims that the leapfrog deal was as a result of the increase of the minimum capital requirement by the national insurance commission to 15 million cedis from 1 million cedis.
“It has taken us over three years to do due diligence in the Leapfrog company before accepting this investment. I can say that Leapfrog is the leader in designing insurance products for the mass-market and it is made up of an exceptional team of strategic operators and we believe they are the right guys to come in to ensure that UT Life becomes part of the market leaders in the insurance business in Ghana.” He said.
Prince Amoabeng added, “They are the right partner to take UT Life to its next level of growth. We look forward to seeing UT Life reach new heights as a leading force in the Ghanaian life insurance market. We are currently about the 8th best insurance company but in the next 3 to 5 years, we hope to see the company to be part of the first 3 in Ghana.”
By: Norvan Acquah-Hayford/citibusinessnews.com/Ghana