An insurance brokerage company, Megatech Insurance Brokers Limited, has been acquired by Access Holdings Plc, the parent firm of Access Bank Plc.

The acquisition of Megatech Insurance Brokers was announced on Monday by Access Holdings in a notice filed to the Nigerian Exchange (NGX) Limited, where it trades its equities.

The amount involved in the transaction was not disclosed. The deal is coming a few days after Access Bank completed the acquisition of Atlas Mara Zambia

Megatech Insurance Brokers is a company licensed by the National Insurance Commission (NAICOM), the organisation saddled with the responsibility of regulating the insurance sector in Nigeria.

Access Holdings said the purchase of Megatech Insurance Brokers aligns with its desire to create a single platform with different product and services to meet the financial needs of customers.

It said the insurance broker is expected to efficiently manage risks for customers and create a platform for opportunities for growth.

“The acquisition of the company complements Access Holdings’ bouquet of product offerings in pursuit of its vision of building a globally connected community of ecosystems inspired by Africa for the world,” a part of the statement said.

In his reaction to the transaction, the chief executive of Access Holdings, Mr Herbert Wigwe, said, “This acquisition is a natural step in our evolution as a globally connected community and ecosystem and aligns with our mission to build and sustain one global platform, open for anyone to join where people can be connected to exceptional opportunities.

“The company will design and provide intelligent solutions that mitigate the unique risks faced by individuals and business in an ever-changing world using leading risk management tools and governance standards.’’