Ghana: Merger among insurers

MEM Insurance Ghana and Regency Alliance have announced their merger. It is the first operation of its kind between the two insurance companies since the announcement of the new share capital thresholds by the National Insurance Commission (NIC). The share capital has been raised to 15 million GHS (3.9 million USD) for insurance companies and to 40 million GHS (10.5 million USD) for reinsurance companies.

More than 50 insurers are currently sharing Ghanaian market while license applications are pouring from all directions. The public authorities are seeking to reduce the number of players with a view to promoting the emergence of insurers endowed with sound financial bases.

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