Union Assurance Company Plc has changed its name to Ensure Insurance Plc to reflect its new ownership.
According to the firm, this development followed the successful acquisition of the majority stake in the underwriting firm by Greenoaks Global Holdings Limited.
The company’s shareholders gave their approval to change the name at its 1st Extraordinary General Meeting held in Lagos to reflect the institution’s new identity.
It said part of the special business proposed at the meeting by the Chairman, Mr. Fola Adeola, was the amendment of the Memorandum and Article of Association of the company to reflect the change of name.
The company, it added, would subsequently file for the change in its corporate identity at the Corporate Affairs Commission and the National Insurance Commission.
Greenoaks Global Holdings Limited is a London based investment firm focused on building market-leading insurance firms in emerging markets.
Its team’s combined experience includes financial and professional service firms such as Goldman Sachs, D.E. Shaw, McKinsey & Company, AIG, and Swiss Re.
“Greenoaks focuses on driving value for its companies over the long-run, and intends to remain long-term owners and operators to drive extraordinary value creation for its stakeholders,” it stated.