A Francophone insurance group, SUNU on Wednesday, September 19, officially took over Equity Assurance Company Liberia Ltd.
The acquisition has given the SUNU Group’s presence on the Liberian market. The Group already has operations in 14 other African countries including Benin, Burkina Faso, Cameroon, Central Africa, Guinea, Gabon, Mali, Niger, Senegal, and Togo.
Matthew N’Katta, Managing Director of SUNU Assurances Liberia Limited, considered the ceremony successful because of the turnout of its many customers.
Mr. N’Katta said the objective of the rebrand was to introduce the Pan African insurance group, Sunu of their vision, and objectives including their activities and values in the insurance business. N’Katta made the revelation yesterday at the rebranding ceremony of Equity Assurance to SUNU at the Monrovia City Hall.
Steven S. Kolubah, Chairman of the Board at SUNU, said Equity Assurance came into being in 2013 when the company had the interest to do the insurance business in the country.
Kolubah told the audience that the company got is its license on March 12, 2014, and in April it was launched and their presence in Liberia has made a significant contribution to the economy. “We have done the best we can,” he said.
He said the company was the first to introduce mobile insurance that takes away the stress from people, saying that it was an idea that people should not be stressed about insurance when the inspection was happening on a daily basis.
Karim-Franck Dione, head of management control and the Finical Management Division, described Corporate Social Responsibility as very vital at SUNU Assurances as it is incorporated into the company’s business model. He said this is often reinforced by the company’s offering of needed benefits to society.
Dione said SUNU Assurances’ CSR’s objective touches on areas that support the wellbeing of citizens and helping them to live well. “We have the vision to be the reference insurance in every country that we operate because we want to be recognized as professional.
“This vision depends on five major strategic assets that will provide necessary customers service and quality, we want to lavish on innovation and be recognized to have quality service why operating here in Liberia,” he said.
He said the objective of Sunu Assurances is not to be the first, but rather to be considered as professionals in the business with a high level of lavishing on technology in Liberia.
Dione said the aim of the company is to develop the business, to deepen the insurance penetration and the finical inclusion of the population in every community because this is a small block in the world of Liberia’s development.
“Insurances are good lavish for development because it brings protection to individuals and families and gives protection for properties. It also eases comfort and assists the economic activities of a country,” Dione added.
He said the role of an insurance company is not to only relate to the business, and the number, saying as a Pan African company, they will ensure that corporate social responsibility is strong by providing support to education, sport, among others.
For his part, Jay G. Brown, Central Bank of Liberia’s Deputy Director for Insurance congratulated SUNU Group for their investment and rebranding of the company and assured those within and outside of Liberia that the insurance industry presents a very good opportunity for investment in Liberia.
Mr. Brown said during the first half of 2018 when the CBL intensified its enforcement of the Capital Compliance of insurance companies, there were extensive engagements with the SUNU Group regarding the dire capital situation of Equity Assurance.
“SUNU Group fully recapitalized on Equity Assurance with a total of US$1.7 million and informed the CBL of its plan to rebrand the company; a process that was approved by the CBL and is being given an impetus today. The CBL is exceptionally pleased with the confidence the SUNU Group has demonstrated in the insurance industry and particularly the Liberian economy in general,” Brown said.
Brown meanwhile said CBL will continue to collaborate with other strategic partners to ensure the improvement of the insurance market and will include serious efforts to implement existing laws that secure businesses for the domestic market such as marine insurance.
“We have no doubt that beyond the infusion of financial resources, the extensive network shall be fully leveraged for the benefit and overall advancement of the insurance market in Liberia,” he said.