Regency Alliance Insurance PLC and NEM Insurance have both announced a merger of their operations in Ghana.
In an email statement, both companies confirmed the merger.
Apparently, it was a ‘forced-merger’. The merger was necessitated by directive of the National Insurance Commission, Ghana for all Insurance Companies in Ghana to recapitalize, Regency Alliance Insurance Limited ,the subsidiary in Ghana has decided to merge with another Company in Ghana, NEM Insurance Company Limited Ghana.
Both companies confirmed that “the merger has been successfully concluded and the emerging Company is now known as RegencyNem Insurance Limited Ghana”.
As an implication of the merger, Regency Alliance Insurance Plc. no longer has controlling shares in the company as our equity holding had reduced.
RegencyCem will be regarded as an Associate Company of Regency Alliance Insurance Plc.