Tangerine Penetrates Nigeria’s Insurance Industry With More Acquisitions 

Yemisi Izuora

Tangerine, a leading technology and financial services platform in Africa is making deeper investments in Nigeria’s insurance industry that offers great but untapped potentials.

The Tangerine is consistently going the extra mile to improve the financial security of its customers by merging deep insights and cutting-edge technology.

Just recently, after the receipt of relevant approvals from all relevant regulatory authorities, Law Union and Rock Insurance Limited announced a name change, and subsequent rebrand to Tangerine General Insurance Limited (Tangerine General).

Oriental News Nigeria learnt that the development was in line with its earlier acquisition by Verod Capital Management Limited, through the Verod Capital Growth Fund III.

Tangerine General thus ultimately joined other associated companies under the Tangerine Financial Africa brand of companies.

The company comprises of General and Life Insurance companies, a Pension Fund Administrator, a Microfinance Bank; and has immediate plans of entering into other closely related verticals.

From all indications, Tangerine companies are executing a coordinated strategy that seeks to provide African consumers and corporates with a comprehensive suite of financial products and services that are aligned with the very specific needs of their day to day lives and business operations.

It provides customers with the opportunity to save, invest, protect and access credit across different channels, while maintaining a consistent standard and emphasis on customer service, digitisation and product customisation to ensure convenience and satisfaction.

Recall, that the Law Union and Rock has a long and rich operating history in Nigeria, and as a result, the brand has achieved a reverent position, particularly within the insurance sector, where it has come to stand for stability and resilience.

Tangerine General said it is honoured and blessed to be the beneficiary of such a legacy and intends to continue to honour and build upon this great heritage.

The rebrand ushers a real change occurring within Tangerine General, beginning with the increase of paid-up capital to N10 billion, in line with the position of the National Insurance Commission regarding the need for improved capitalization and capacity across the Nigerian Insurance Industry.

Obviously, Tangerine General Insurance’s strategy is being redesigned to ensure alignment with the wider direction of all associated companies under Tangerine, which is focused on digitisation and retail acquisition as the principal way of improving insurance (and financial services) penetration in Nigeria.

The team has also been working on enhancing and expanding product offering, partnerships, delivery channels and operations in line with the new strategic direction.

Eric Idiahi, Chairman, Board of Directors, Tangerine General Insurance Limited, added, “We are excited by the continued progress in our journey towards building a sound, robust and unique financial services group. We eagerly anticipate the formal launch of the Tangerine brand in the near term and are working to realise our vision for all our stakeholders.”

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