UT Life gets new investors
A specialist investor, LeapFrog Investments has acquired a majority stake in UT Life Insurance Company Limited, a rapidly growing life insurer with a significant market share in funeral and educational savings policy.
LeapFrog invests capital, people and knowledge in purpose-driven businesses, helping them to grow, to be profitable and to have real social impact.
UT Life was formerly controlled by UT Holdings, a diversified Ghanaian holding company that acquired the insurer in 2010. UT Holdings, which also is a major owner of UT Bank will remain a shareholder in UT Life and serve as a strong local counterpart to support the business on the ground.
The Chief Executive Officer (CEO) of UT Life Insurance, Kwaku Yeboah Asuamah speaking during the launch of the partnership agreement with LeapFrog said ‘We believe our partnership with Leapfrog will give wings to our growth plans and enable us to benefit from Leapfrog’s rich expertise and knowledge.
A Representative from Leapfrog Investments, Mr Doug Lacey said ‘we were attracted by UT’s unwavering commitment to Ghana’s mass market. UT Life is exceptionally well positioned to grow, to prosper and to help millions to make the most of their lives. We are backing that potential.
Mr Martyn Mensah, the Chief Executive Officer (CEO) of UT Holdings also said Leapfrog is a leader in designing insurance products for the mass market and is made up by an exceptional team of strategic operators. ‘ They are the right partner to take UT Life to its next level of growth. We look forward to seeing UT Life reach new heights as a leading force in the Ghanaian life insurance market’ he said
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