Nigeria’s fourth largest insurer, Mansard Insurance, has notified The Nigerian Stock Exchange that it has completed its acquisition of 60 percent of Penman Pensions Limited.

The Company stated that this acquisition increases its subsidiaries to four (4), considering the fact that it has already made significant inroads into Health Insurance, Asset Management and Property segments through its wholly owned subsidiaries (Mansard Investments Limited and Mansard Health Limited).

In December last year, Mansard Insurance announced that it would be acquiring 60 percent of the issued and paid up share capital of a Pension Fund Administrator (PFA) known as Penman Pensions Limited. This acquisition gives Mansard the opportunity to run and operate it as its subsidiary in the Pension Industry. The transaction has therefore been completed with the necessary regulatory approvals from the Pension Commission, the National Insurance Commission and the Securities and Exchange Commission.

This marks yet another positive development for Mansard, especially since French group, AXA acquired 77 percent stake in the insurance firm recently.