By Chiamaka Ajeamo
Following the receipt of relevant approvals from all relevant regulatory authorities, Law Union and Rock Insurance Limited has announced a name change, and subsequent rebrand to Tangerine General Insurance Limited (Tangerine General).
This development is in line with its earlier acquisition by Verod Capital Management Limited, through the Verod Capital Growth Fund III. With the move, Tangerine General joins other associated companies under the Tangerine Financial Africa brand of companies.
Tangerine is a leading technology and financial services platform in Africa that consistently goes the extra mile to improve the financial security of its customers by merging deep insights and cutting-edge technology.
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. All the 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. Tangerine 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.
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 is, therefore, proud to be the beneficiary of such a legacy and intends to continue to honour and build upon this great heritage. The rebrand echoes the very 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.
Furthermore, 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.
Commenting on the development , Eric Idiahi, Chairman, Board of Directors, Tangerine General Insurance Limited, said, “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.”