Accra, Ghana, January 2022 – Uhuru Investment Partners has announced the acquisition and recapitalization of Phoenix Life Assurance Company (“Phoenix Life”). This investment enables Phoenix Life to meet the National Insurance Commission’s recapitalization directive and also provides the Company with the resources to expand its market share in the rapidly growing Ghanaian life insurance sector.
Phoenix Life is a market leader in the provision of affordable micro insurance products to Ghanaians, particularly the underserved and excluded segments of the market. The Company is expanding financial inclusion in Ghana by providing responsible, well-designed and transparent insurance and savings products to the Ghanaian mass market.
Dr. Emmanuel Adu-Sarkodee, Chairman of Phoenix Life, said: “This announcement is an important milestone in the future of Phoenix Life. We are pleased that this investment not only recapitalizes Phoenix Life but also establishes a partnership with a dedicated team of high caliber professionals that will enhance the Company’s management capabilities and strategy implementation. We welcomed Uhuru as a partner because we found them to be a collaborative and value-adding investor. With their substantial experience investing across Africa, we are confident Uhuru is the right partner to ensure the legacy of Phoenix Life endures. With their support, we will continue our mission of providing affordable and innovative life insurance products to the Ghanaian mass market.”
Nana Adow Dankwa, Partner at Uhuru Investment Partners said: “We are delighted at this opportunity to build on the strong foundation laid by Dr. Adu-Sarkodee and his management team to expand Phoenix Life’s presence in the Ghanaian life insurance market. We are experienced, hands-on investors and will support the Company with management and governance capacity, technical expertise and technology improvements. Our investment in the Company makes Phoenix Life one of the best-capitalized life insurers in Ghana, comfortably exceeding the National Insurance Commission’s minimum capitalization requirement. We are excited about the future and look forward to supporting the Company to strengthen its product offerings and drive its ongoing technology innovation.”
About Uhuru Investment Partners
Uhuru Investment Partners is a leading West African private equity firm with a focus on high-growth, middle market businesses across the region. Uhuru supports passionate entrepreneurs to sustainably create value by improving operational efficiency and applying world class business practices.
About Phoenix Life Assurance Company
Phoenix Life Assurance Company is a leading life insurance company with a network of 18 branches strategically located throughout Ghana. The Company provides a wide range of life insurance products, retirement solutions and other financial planning services. Phoenix Life also provides tailor-made products to meet the life insurance needs of its numerous customers.
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