Law Union and Rock Insurance, is setting the stage for the final accent to the platform of Verod Capital Management Limited and align with the global vision of Verod, the new owners of the company.
The managing director/ chief executive officer, Mr. Ademayowa Adeduro, in an interview with Businesspost.com.ng said part of the Verod global vision is the name change to Tangerine General Insurance Limited to align with the new brand and also to take advantage of other subsidiaries within the group. Commenting that “we cannot continue to keep the old name expect that people will liaise with us.”
Adeduro said the take over of the general insurer by the new investor has led to the injection of over N5bn into the company and this he said, has made LUR to be among the very few companies that have been fully capitalised in the insurance market.
Law Union and Rock helmsman said the capital injection is “one of the remarkable things that has happened in the Nigerian insurance industry particularly in the history of Law Union and Rock, to be among the first set of companies to blaze the trail of recapitalisation.”
He said the management remains intact and the company is coming into a group that has a life insurance company, pension fund administrator, micro finance bank and other players like EMZO Pharmaceutical, CSS and others.