Accra, Ghana June 8, 2011: UT LIFE INSURANCE COMPANY LIMITED, a new subsidiary of the UT Group was formally launched on Wednesday 8th June, 2011 with a vision of becoming the most affordable and innovative insurance company in Ghana.
The company which was born following the acquisition of majority shares in Golden Life Assurance, formerly CDH Life last year by UT Holdings will provide life insurance services including Loan protection policy, Mortgage, Group life and accident as well as funeral policies among others.
Mr. Tiibu Aziz Rayamah, Managing Director of the company said the acquisition and rebranding of the company into the UT fold brings a lot of excitement to him and his staff. He said he and his team are passionate about delivering value to their customers with speed and efficiency the UT Way.
UT Life Insurance Company Limited (formerly Golden Life) was established by in 2006 following the passage of The Insurance Act in 2006 (Act 724) which required all composite insurance companies to separate their life business from their general business. This led to the establishment of CDH Life Assurance Company Limited in 2008 from the then CDH Insurance Company Limited now NSIA Ghana. In 2009, a new institutional investor bought into CDH Life and with majority shares changed the name of the company to Golden Life ?Assurance Company Limited until its acquisition in 2010 UT Holdings and thus changing the name to UT Life Insurance Company Ltd to be consistent with the names of UT subsidiaries.
He thanked the owners of UT Holdings for their confidence and trust in Golden Life Assurance, and for taking this company that was in a poor financial condition on board and promised that, “We will turn the fortunes of this company around in the usual UT fashion”.
The launch of UT Life Insurance Company Limited brings the subsidiaries of the UT Group to six comprising UT Bank, UT Logistics, UT Properties, UT Collections, UT Financial Services- Nigeria and Germany.