Mansard Insurance Plc announces Proposed Acquisition of Procare Health Plan Nig. Ltd.
Category: Investors NewsBeat
June 13, 2013/NSE
Mansard Insurance Plc (“Mansard”) has informed The Exchange that it has recently acquired the entire issued share capital of a Health Management Organization known as Procare Health Plan Nigeria Limited and intends to run and operate same as its subsidiary in the Health Maintenance Industry.
Mansard, formerly Guaranty Trust Assurance Plc, is a leading provider of life and general insurance services in Nigeria, with Shareholders Fund of N14.1b and Total Assets of N31.5b (2012 Audited).
Mansard Insurance is listed on The Nigerian Stock Exchange with market capitalization of approximately N24 billion (as at June 5, 2013). It has consistently received the highest ratings in the insurance industry, A+ for Claims Paying Ability and B- for Issuer Credit Rating in September 2010 by Global Credit Rating Company of South Africa; B for Financial Strength and BB+ for Issuer Credit Rating by AM Best, the world’s leading specialist insurance rating agency; and A+ for Credit Risk by Agusto & Co.
Mansard intends to revitalize the Company’s operations in accordance with NHIS’ New HMO Accreditation Guidelines (the “Guidelines”), and would in this regard increase the Company’s share capital from N100, 000,000 (one hundred million Naira) to N500, 000,000 (five hundred million Naira). It intends to establish functional offices in Lagos (the head office), Abuja and Port Harcourt and would be opening additional offices in Enugu and Kaduna. It plans to establish an office in the North-eastern part of the country, as soon as the atmosphere there becomes more conducive for business operations.
In addition, Mansard would establish an operational call centre at the Company’s head office in Lagos and conclude arrangements to deploy state of the art health insurance management software, TOSHFA, by Access Meditech Private Limited. Further steps would be taken to change the Company’s name and formally launch the new brand sometime in July 2013.