South African insurance giant Hollard has taken controlling stake in MET Insurance Ghana. Hollard is said to have taken about 51 percent control in the MET Insurance.

This becomes the second insurance firm from South Africa, in recent times after Mutual Insurance to acquire a firm in Ghana.

Per the agreement, Hollard will rather restrict itself to board representation rather than direct management control.

Chief Executive Officer of MET Insurance, Kwame Gazo Agbenyadzie has explained to Joy Business that their decision to accept the offer from Hollard was because of the experience they bring to the industry.

“We are not only looking for an external partner to bring in capital that we could have raised locally but the essential point in this relationship is that we are looking for a partner that already has the experience and has worked in similar markets so that they will bring into this market all the experience that they have got.”

He was optimistic that the partnership will yield fruitful results and push the market further ahead than it is now.

He however assures that customers will see the exciting changes which will be made as a result of the partnership and that the company will not continue to do business the traditional way.

Hollard is using its acquisition of MET insurance as part of its strategy to expand into the West Africa region.