Turaco expands African footprint through acquisitions
Turaco, Africa’s tech-enabled insurance company, has acquired MicroEnsure Ghana, a microinsurance company from MIC Global. The expansion increases Turaco’s operational markets to four–Kenya, Uganda, Nigeria, and Ghana–and active policies by 25%.
Under the deal, MicroEnsure will rebrand as Turaco Ghana and retain the existing team and leadership. Turaco Ghana (formerly MicroEnsure) provides insurance for low-income earners and was the first to launch mobile insurance through Tigo in 2012 and Airtel in 2013, serving three million customers. In 2020, the company provided insurance protection to 4,000 micro, small, and medium enterprises in Ghana with free comprehensive life and business protection in partnership with the United Nations Capital Development Fund. In 2020, it launched a health protection plan for customers of Vodafone Ghana.
Tuco said that the acquisition will also provide an opportunity for Turaco to bolster partnerships with incumbents and develop a strategic reinsurance partnership with MIC Global, a micro-reinsurance businesses.
The acquisition is part of Turaco’s long-term strategy to provide simple and accessible insurance to a billion people.
Ted Pantone, co-founder and CEO of Turaco, said: “This deal marks a significant milestone for our growth and expansion strategy for Africa and a strategic move to drive innovation into a market that has one of the continent's highest insurance coverage rates. We are excited about the opportunity to build on the 15-year legacy of MicroEnsure and leverage our customer-centric tech solution to provide affordable and accessible coverage.
“Turaco Ghana is a fantastic team with lots of enthusiasm and, most importantly, expertise for this next chapter, which we’re confident will make this transition period seamless for our partners and customers.”
Leona Abban, general manager of Turaco Ghana, said: “As a pioneer of microinsurance in Africa, we focused on making an impact while providing affordable insurance to low-income customers. Over our 15-year history, our inclusive approach has benefited 3 million Ghanaians with the safety net of being insured. As we move into this next growth phase as Turaco Ghana, we look forward to leveraging our in-market experiences to improve our approach further and capture additional segments of the market that have historically been excluded.”
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