With the clock ticking fast for many insurance companies in the country to meet the minimum capital requirement as set by the industry regulator, Allianz Insurance, a subsidiary of Allianz Group, has announced the completion of its Gh50 million recapitalisation process.

This is in compliance witih the new minimum requirement and copied to the Daily Graphic in Accra at the weekend explained that: “The move will strengthen the company’s liquidity position and reaffirm its commitment to doing business in Ghana.”

Ahead of the game

In the release, the Chief Executive Officer of Allianz Insurance, Mr. Darlington Munhuwani, said: ” To meet the regulator’s requirements eight months ahead of the deadline demonstrates the strong support and continued confidence of our shareholders in the Ghanaian economy and insurance market.”

“This additional capital will enable us to make strategic investments across our operations and continue to provide value offerings that safeguard the interedts of our customers.” “The capital will also be used to reconfigure the company’s reinsusrance programmes.”

According to him, attention will also be given to the development of new and innovaative products and services to enhance its position as a leading insurer with prudent underwriting practices and unique claims advocacy services.

Digital transformation

The ongoing agenda will be accelerated to give convenience to customers. He conclluded that Allianz Insurance will continue to explore opportunities to partner local and international organisations too improve the distribution of insurance and risk management services in Ghana.

Source: Daily Graphic