Citi Business News has learnt that South African insurance firm Sanlam has increased its stake in Ghana’s Enterprise Insurance Company.
Sanlam has acquired a 40 percent stake in a unit of Ghana’s Enterprise Insurance Company for about $21 million, in its latest move to expand in sub-Saharan markets.
The deal remains subject to regulatory approval in Ghana
Sanlam already owns 49 percent of Enterprise’s life insurance business and 40 percent of its pension fund administration arm.
Sanlam in a statement says it is glad to have made the move in acquiring part of Enterprise’s non-life insurance business.
According to the National Insurance Commission market penetration for insurers in Ghana is about 1.1 percent with the market growing at an annual average of 26 percent over the past five years.
By: Norvan Acquah Hayford/citifmonline.com/Ghana