Verod Capital Management Limited (“Verod Capital” or “Verod”) today announced the completion of the merger between Tangerine Life Insurance Limited, a Verod Capital partner company, and ARM Life Plc.
The merger creates the 4th largest player in the life insurance sector. Following the 100% acquisition of Tangerine Life in 2019, Verod further capitalized the business with a view towards pursuing inorganic growth, into the retail segment and making essential investments in technology. Both of which is viewed as instrumental to the future of the business.
Eric Idiahi, co-founder and partner at Verod, said:
“We are pleased to have completed this phase of our plan for the transformation of Tangerine Life. We are proud of the merger and integration processes and convinced that we have established the right team and structures around the business. We are encouraged by the business’s performance over the past year; delivered strong growth, despite challenging market conditions. We continue to remain positive about the latent potential within the sector driven by the strong need for risk protection across the country.”
Livingstone Magorimbo, Managing Director of Tangerine Life, said:
‘’Integrating the businesses presented a tremendous opportunity to enhance our capabilities, improve operating processes while gaining efficiencies, and grow our business. At Tangerine Life, we will continue to innovate, drive positive change within the insurance industry and create tremendous value for our customers.’’
About Verod Capital
Verod Capital is a private equity firm focused on investing equity and equity-linked capital in growth companies across various sectors, primarily in Anglophone West Africa. Verod seeks to partner with companies led by strong, result driven management teams able to grow large, sustainable and dominant enterprises. Verod manages over $315 million in assets and has invested in over 20 middle-market high growth companies.
About Tangerine Life Insurance Limited
Tangerine Life is a financial service provider that consistently goes the extra mile to improve the lives of our consumers. By merging deep consumer insights and cutting-edge technology, we have built a range of carefully tailored products that improve the quality of your life, through financial security. Our reliable financial services create and protect your wealth, guaranteeing an enjoyable future for you and your loved ones.