FBN Holdings’ subsidiary, FBN Life Assurance, has acquired a stake in Oasis Insurance, a general insurance company in Nigeria.
As per the terms of the transaction, FBN has acquired 71.2% of the total issued ordinary share capital of Oasis Insurance, following a share sale and purchase agreement with the majority shareholders of the latter.
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According to FBN Life, the latest acquisition will help the company diversify into general insurance service offerings, as it plans to complement its current life assurance operations with a variety of general insurance products.
Oasis Insurance focuses on non-life insurance business, including fire, general accident, motor, marine, aviation, oil and gas, bond and engineering all- risk policies. It currently operates 13 branches across Nigeria.
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