Mansard Insurance plc, a member of AXA Group has announced the completion of its acquisition of 60 per cent of Penman Pensions Limited in a move aimed at consolidating the insurer’s position as one of Nigeria’s leading non bank financial services groups.
With the acquisition of Penman Pensions Limited, Mansard Insurance has extended its subsidiaries to four, having already made significant inroads into the asset management, health insurance and property segments through its wholly owned subsidiaries. These are Mansard Investments Limited and Mansard Health Limited as well as its majority holding in the property joint venture, APD Ltd.
According to Mr. Tosin Runsewe, Chief Client Officer of Mansard Insurance plc, ‘’This acquisition brings us a step closer to achieving our growth plans hinged on exploring the significant synergies across our businesses and franchise.
“We intend to build on the successes of Penman even as we infuse the business with our entrepreneurial spirit, excellent client service and relentless focus on generating superior risk-adjusted returns. Penman’s retirement and long term investment solutions will now also be available to our expanded client base and will be accessible using our multi-channel distribution platform”.
In his comments, Dr. Umaru Kwairanga, Chairman of Penman said, “We are excited to have Mansard Insurance take a majority stake in Penman Pensions. This investment serves as a mark of confidence in the tireless efforts of the board and management of Penman since inception towards positioning the business to explore the pension industry’s significant growth potential.
“With Mansard Insurance now as the core investor, we look forward to utilizing the group’s proven and significant competences towards bolstering our position as the retirement solutions provider of choice”.