Alternative Capital Partners, one of Nigeria’s leading fund managers, recently led a consortium to conclude the acquisition of a significant interest in Law Union & Rock Insurance Plc.
Consequently, over 1.7 billion units of LUR shares were transferred on the floor of the Nigerian Stock Exchange last week, signaling a change of ownership.
It will be recalled that 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 new banking policy.
It is noteworthy that this is the first insurance company acquisition by a local fund manager since 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.
Sources in LUR confirmed that as part of the ongoing process to strategically reposition LUR, the board had appointed a new Managing Director, Mrs. Oluwatoyin Ogunseye.
Ogunseye, whose appointment awaits necessary regulatory approval, is a well groomed and result-driven insurance professional with over 20 years of core insurance experience.
Until her appointment, Ogunseye was a member of the executive management of Custodian & Allied Insurance Plc.
Prior to this, she worked for a decade with Femi Johnson & Co, a renowned insurance brokerage firm.
She is a seasoned professional and passionate insurance practitioner.
With this appointment, the company is poised to be among the top five insurance companies by the end of 2015.
Recertified by 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.
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.