The BEIGE Group (TBG), the Financial Services Provider, today announces the acquisition of Unique Life Assurance Company Limited (U-Life), a licensed provider of life insurance products in Ghana. The acquisition process which began in the last half of 2016 was completed in January 2017, following the satisfactory due diligence procedures completed by the National Insurance Commission as well as other financial services regulators.
The acquisition is an important milestone in support of TBG’s strategic intent to position itself as the provider of a broad range of financial services. Thus, improving access to banking, pensions, insurance and wealth management services for customers across Ghana.
The Next Steps
- A reconstitution of The Board of Directors
- A reconstitution of Management
- Review of the Strategic Direction to be consistent with TBG standards.
Immediate impact of the acquisition
By this acquisition:
- U-Life has the opportunity to sell its products and services through the distribution network of TBG and its subsidiaries.
- U-Life will continue to provide policy administration services to its cherished clients.
- Customers can continue to access U-Life at their respective locations outlined below.
- U-Life Customers will continue to access the company’s full range of life and casualty products and services currently being provided.
- TBG will ensure uninterrupted flow of day-to-day business activities at U-Life.
Professor Stephen Adei, Chairman, The BEIGE Group comments:
“We have laid out a very exciting strategy for the medium term. Customers are looking for solutions and I’m excited to be joining hands with U-Life at this time. This is a landmark deal and a fantastic addition in diversifying our portfolio at BEIGE and it is consistent with our strategy to provide complete financial services. I can’t wait to review the progress of our agreed business transformation plan by end of year”