Swiss Re has acquired a 25% stake in Nigeria’s Leadway Assurance following the IFC‘s exit of its $14 million investment which was originally made in 2007. The move reflects the Swiss insurance giant’s strategy of accessing new risk pools in emerging markets. Specific terms of the deal were not disclosed.
Leadway started operations in 1971 as a direct motor insurer since when it has expanded to offer a wide range of personal, SME and corporate insurance products and services. Welcoming the investment, Oye Hassan-Odukale, Leadway’s Managing Director said he expected that Swiss Re’s complimentary capabilities and underwriting philosophies would help Leadway take advantage of additional opportunities and emerge as one of the continent’s leading financial institutions.
Prior to its exit, the IFC used be Leadway’s second largest shareholder.