ARM Holding Company limited has transferred its stake in ARM Life to Tangerine Life Limited. This was disclosed by the Chief Executive Officer, ARM Holding, Jumoke Ogundare in a statement seen by Nairametrics.
Tangerine Life Insurance Limited supported by leading West-African private equity firm Verod Capital Management Limited (“Verod”)
Ogundare explained that divestment is part of the firm’s plans to refocus and increase product offerings across a wide range of investment opportunities to meet clients’ needs.
What it means: This acquisition, which takes effect from Monday, 2nd March 2020, places Tangerine Life, which has the support of a leading West-African private equity firm, Verod Capital Management Limited, as the 4th largest life insurance provider in Nigeria.
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The acquisition is expected to provide a perfect springboard for Tangerine Life to utilize the distinct strengths that ARM Life brings to bear, thereby strengthening the insurance services provided by Tangerine Life to create and deliver better value.
It read, “The divestment is part of our plan to refocus our business and increase
our product offerings across a broad array of investment opportunities
suitable to your needs. It also allows us to collaborate more efficiently with multiple insurance companies on product development.”
Ogundare assured the company’s clients that it would maintain its business relationship with the new owners. “We assure our clients who have insurance products with the organisation, of our continued oversight of your policy where you have asked us to do so,” she added.
The plan to expand service offerings will see ARM Holding launch several products including a mobile trading platform, ARM Stocktrade, to provide access to domestic and international equity trading on the Nigerian Stock Exchange, New York Stock Exchange and Nasdaq, among other products.
“I also use this opportunity to introduce ARM Fixed Income Fund and ARM Eurobond Fund which are Naira and US Dollar denominated mutual funds respectively. The Funds broaden our investment opportunities to clients with low to medium risk appetite.
“We continue to embrace innovation through our accelerator programme, Labs by ARM, an initiative designed to collaborate with, and assist, FinTech startups to grow their companies exponentially and to create a platform for us to innovate fast and efficiently, ” it added.
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Ogundare also informed the clients that necessary measures had been taken to protect staff and clients in the company premises, in view of the Coronavirus outbreak. For clients who cannot visit the premises, the investments could be managed via Stokctrade.
She thanked the clients for entrusting ARM Holding with their assets, and promised that all investments would remain secured as the company remains committed to delivering optimum service.
