The West African Insurance Companies has given kudos to the management and staff of Sanlam Allianz Insurance on the successful conclusion of their merger and launch in Ghana.
He stated that the merger will bring added impetus to their operations and lead to a stronger and vibrant insurance company.
The Secretary-General of WAICA, Davis Iyasere, while speaking on the joint venture, commended the initiative and expressed hope that it would deepen insurance in Africa, particularly in the West African sub-region.
He expressed WAICA’s readiness to partner Sanlam Allianz as they take the next steps in their operations, even as he congratulated the Managing Director of the new entity, Mr. Tawiah Ben-Ahmed, for vigour and tenacity with which he drove the process as the successful merger underscores Sanlam Allianz’s ambition to be among the top three players in both market share and profitability.
He expressed confidence that Sanlam Allianz will create significant value for clients, shareholders and other stakeholders as the combined expertise and resources of the new company will provide innovative solutions and services to meet the ever-evolving needs of policyholders in Ghana.
“It is hoped that the new entity has the capability to gain leadership positions in all key markets in both general insurance and life segments, unlock the potential of multiple fast-growing African markets and access a wider range of customers, particularly in the corporate segment,” he added.
According to him, the merger will provide opportunities to improve insurance penetration in Ghana. He added that with the right combination of financial strength, scale, new technology and a tangible commitment to the customer, the company is poised to be a market leader and a dominant force in the market in the foreseeable future.
With a combined group equity value (GEV) of approximately R35 billion, it is expected that retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate, he averred.
In a related development, WAICA will partner with AM-BEST to offer a free webinar on Stress Testing for Reinsurance and Insurance companies. It is part of its value adding mandate to the Anglophone Insurance Market.
The complementary webinar, scheduled for September 27, 2024, will be taken by two renowned analysts – Tim Prince and Ben Diaz-Clegg.
Tim Prince is a Director in AM Best’s analytics division. Based in London, he is responsible for a team of analysts covering a broad portfolio of international insurance and reinsurance companies. He is also a contributing author to various thought leadership reports produced by AM-Best and represents the company as a speaker at industry events.
Prior to joining AM-Best’s analytical function in 2008, Tim managed and worked within teams that were responsible for international data at both AM-Best and another rating agency.
Tim has covered a broad range of insurance markets during his time at AM-Best, including global reinsurance, UK and European life and non-life, captives, Eastern Europe, Middle East and North Africa, and Sub-Saharan Africa.
Also, Ben Diaz- Clegg is an Associate Director in AM-Best’s analytics division. Based in London, he is responsible for the analysis and financial ratings of insurers and reinsurers in the Europe, Middle East and Africa (EMEA) region, with a particular emphasis on multinational (re)insurance groups.
Ben is a regular speaker at industry conferences and a contributing author to several external publications pertaining to (re)insurance in the UK, Middle East and African markets.
Ben joined AM-Best in 2018 as an Associate Financial Analyst. He swiftly was promoted to Senior Financial Analyst, and subsequently Associate Director. Since joining AM-Best, he has focused on the financial ratings of (re)insurers in the Middle East and Africa and has been at the forefront of assessing ratings in distressed economies.
Mid-way though his tenure at AM-Best, Ben’s focus shifted toward the global (re)insurance space, with his cover expanding to multinational companies headquartered predominantly in Bermuda/London Market and Europe.
Prior to his time at AM Best, Ben spent several years at Willis Towers Watson and Chaucer.
