Citi Business News has learnt that South African insurance firm Sanlam has increased its stake in Ghana’s Enterprise Insurance Company.
Sanlam has acquired a 40 percent stake in a unit of Ghana’s Enterprise Insurance Company for about $21 million, in its latest move to expand in fast-growing sub-Saharan markets.
Sanlam already owns 49 percent of Enterprise’s life insurance business and 40 percent of its pension fund administration arm.
Sanlam in a statement says it’s glad to have made the move in acquiring part of Enterprise’s non-life insurance business but the deal remains subject to regulatory approval in Ghana.
According to the National Insurance Commission market penetration for insurers in Ghana is about 1.1 percent with the market growing at an annual average of 26 percent over the past five years.
