Verod Capital Management alongside Tangerine Life Insurance have acquired a majority stake in ARM Life Insurance.

“This acquisition is in line with our broader strategy towards capturing the opportunities we see within the sector,” said Eric Idiahi, Partner at Verod Capital.

“The acquisition not only creates a stronger player, but provides a superior platform for sustained growth given strong synergies within the two businesses. The greater story about Tangerine will be about innovation, transformation, technology – all of which will be applied towards a superior customer experience, acquiring ARM Life is one piece of the puzzle towards actualizing our vision for Tangerine Life,” he added.

The acquisition propels Tangerine Life to the fourth place in Nigeria’s life insurance industry.

Tangerine Life (formerly Metropolitan Life Insurance Nigeria) is a provider of digital financial services including insurance services, where it historically focused on corporates through its group life offering.

ARM Life is a provider of life insurance services in Nigeria, with strong focus on retail and annuity products.

Given their complementary strengths, the acquisition provides Tangerine Life with a solid presence across end-users and a broad product portfolio, creating a strong foundation for future expansion.

Livingstone Magorimbo, Managing Director of Tangerine Life, said: “The landscape of the insurance industry is evolving very quickly. At Tangerine Life, we have made a decision to ensure that we are always at the forefront of innovation within the industry. As part of that innovation strategy, we have found collaboration to be a key instrument in ensuring that we build and maintain a sturdy, profitable business”.

He added that “the acquisition will provide a perfect springboard for Tangerine Life to utilize the distinct strengths that ARM Life brings to bare, thereby strengthening the insurance services provided by Tangerine Life to create and deliver better value”.

Stephen Alangbo, Managing Director of ARM Life, said: “Innovation is paramount in ensuring customer satisfaction in today’s business landscape and we are keen to ensure that our customers receive the best at all touchpoints. We believe that this acquisition will ensure exceptional value creation for our customers and partners alike.”