Following the successful merger between Custodian and Allied Insurance plc and Crusader Nigeria plc, two insurance companies, Crusader Insurance plc will be known as Custodian & Allied plc.
According to a statement endorsed by Chukwudum Ofomata, Brand and Communications manager, Custodian and Allied plc, the merger has created the integration of skills, information technology (IT) and back office processes which will be to the advantage of the customers of the company.
“Our merger has created invaluable integration of skills, information technology and back office processes. Now customers can take advantage of our increased spread, improved operational efficiencies and expanded product portfolio.
The merger between Custodian and Allied Insurance plc and Crusader (Nigeria) plc leverages on 79 combined years of insurance and financial services experience,” Ofomata said.
According to the statement, the strengths of Custodian and Allied plc are its stronger balance sheet, financial capacity, improved operational efficiencies and an expanded product portfolio, adding that the firm has greatly expanded its scope of services with the merger with Crusader (Nigeria) plc.
Custodian and Allied Insurance plc and Crusader (Nigeria) plc it will be recalled, secured the approval of their individual shareholders to go ahead with a merger arrangement that will bring the two entities into one, to be called Custodian and Allied plc.
The approvals, which were secured at two different court ordered meetings of both companies held in Lagos, marked the conclusion of the process as both firms had already secured the approvals of the different regulatory authorities.
With completion of this process, Custodian and Allied Insurance which currently has 56.24 percent in Crusader (Nigeria) will emerge a non-operating holding company and its shareholders who had only invested in general business under Custodian and Allied Insurance plc will have interest in general insurance, life insurance, trustees, property, pensions and other subsidiaries of the post-merger entity.
“The post merger Custodian will have the balance sheet size, increased scale and financial strength to drive organic growth and compete effectively in the post consolidation insurance industry. It will also be able to take up big ticket transactions and larger volumes of business, thereby increasing market share.”
