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Crusader group splits businesses


May 07, 2007/ Punch



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<DIV class=timestamp>Crusader Insurance Plc has finalised arrangements to separate its general business from the life portfolio.</DIV>
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<P>The Chairman of the Company, Prof. Monsur Kenku, said in a statement in Lagos on Friday that it had become necessary to meet regulatory requirements demanding the separation of non-life and life businesses into separate entities.</P>
<P>He said the directors of the companies under the Crusader Group had been holding discussions on a proposal involving the transfer of the general business undertakings of Crusader, Royal, Golden, Refuge and T&amp;G insurance companies to Crusader general.</P>
<P>He said, “Upon this scheme coming into effect, the assets and liabilities of Crusader’s life business will be transferred to Crusader Life, while the non-life assets and liabilities of Crusader (combined with Admiral), Royal, Golden, Refuge and T&amp;G will be transferred to Crusader general.”</P>
<P>He said that in exchange for the assets and liabilities transferred to Crusader general and Crusader Life, the two companies would credit as fully paid to Crusader, shares representing the net asset value of the undertakings of the other companies as at September 30, 2006.</P>
<P>He said, “With this scheme, Crusader will become a holding company with two operating insurance companies namely, Crusader Life and Crusader General (non-life). Crusader will cease to be an insurance company and will adopt a new Memorandum and Articles of Association at this meeting and relinquish its insurance licence to the National Insurance Commission.” </P>
<P>Similarly, he said Royal, Golden, Refuge and T&amp;G would cease to be insurance companies and dissolved without being wound up. <SPAN style=\"FONT-SIZE: 8pt; COLOR: #dcdcdc\"><EM></EM></SPAN></P></DIV>

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