The Board of Directors of Equity Assurance plc announced it has added SUNU to its logo subject to the approval of relevant government agencies.
The change is a follow up to the acquisition of majority stake in Equity Assurance Plc by SUNU Assurance Group( a Franco-phone African Insurance Group).
The company said in statement that the reason for the change in Logo is to include the brand of SUNU Participations Holding SA and also reflect in a better way our company’s values.
In January, SUNU Assurance Group (a Franco-phone African Insurance Group) acquired 60 per cent equity of Equity Assurance plc.
This arrangement puts SUNU Assurance as the majority Shareholder of Equity Assurance plc with 60 per cent ownership while the existing shareholders have collapsed their ownership to 40 per cent. The paid up capital of Equity Assurance is now NGN7 billion clearly beyond the required NGN3 billion for a non-life general business insurance company in Nigeria.