Firm Analysis

Background Of Company

SIC Insurance Company Limited is one of the oldest non-life insurance companies in Ghana. It traces its roots to the year 1955, when the Gold Coast Insurance Company was established. It was renamed Ghana Insurance Company in 1957, when Ghana attained independence.

In 1960, Ghana Insurance Company which was primarily a life assurance company, set up as a subsidiary company – Ghana General Insurance Company (Ghana General) to underwrite fire and motor businesses. The Government of Ghana in February 1962, per an Executive Instrument, took over the Ghana Cooperative Insurance Company and reconstituted it into the State Insurance Corporation to await the completion of takeover negotiations with Ghana Insurance Company and its subsidiary Ghana General. Subsequently after a successful takeover of the two private companies – Ghana Insurance and Ghana General – the new company, State Insurance Corporation, commenced business in November, 1962.

In 1995, State Insurance Corporation was converted into a public limited liability company as part of the Government of Ghana’s divestiture programme. The company became known as State Insurance Company of Ghana Limited with the Government of Ghana as the sole shareholder. The State Insurance Company of Ghana Ltd. took over all the business assets and liabilities of the State Insurance Corporation of Ghana. By a special resolution passed on 22nd October, 2007 the name of the Company was changed to SIC Insurance Company Limited. In accordance with the provisions of the current insurance legislation, the Insurance Act, 2006, SIC has duly separated its general business from the life business with the incorporation of SIC Life Limited. By a special resolution, SIC transferred the life business and assets to SIC Life Limited and in consideration of that, 80,000,000 ordinary shares were issued to the GoG.

2 Company’s Products/Services

SIC is a provider of non-life or general insurance products primarily for the...