Allianz Insurance, a subsidiary of Allianz Group has announced the completion of its GHS50 million recapitalization process in compliance with the new minimum capital requirements set by the National Insurance Commission, which takes effect from 1st January 2022.

This move will strengthen the company’s liquidity position and reaffirm its commitment to doing business in Ghana.

Commenting on the completion, the Chief Executive of Officer Allianz Insurance, Darlington Munhuwani, said: “To meet the regulator’s requirements eight months ahead of the deadline, demonstrates the strong support and continued confidence of our shareholders in the Ghanaian economy and insurance market.’’

“This additional capital will enable us to make strategic investments across our operations and continue to provide value offerings that safeguard the interests of our customers.” The capital will also be used to reconfigure the company’s reinsurance programmes.

Attention will also be given to the development of new and innovative products and services to enhance its position as a leading insurer with prudent underwriting practices and unique claims advocacy services. The ongoing digital transformation agenda will be accelerated to give convenience to customers.

He concluded that Allianz Insurance will continue to explore opportunities to partner with local and international organizations to improve the distribution of insurance and risk management services in Ghana.