GLOBAL ALLIANCE ANGOLA SEGUROS
ANGOLA
In 1975 the entire Angolan insurance market was nationalised by the government and placed under one insurance company called Empresa Nacional de Seguros e Resseguros de Angola (ENSA).
ENSA continued its monopoly until 2005 when the first wholly private insurance company was registered by the Lewis’s under the brand name GA Angola Seguros. The name Global Alliance could not be used due to the fact that various politically connected individuals tried to block Global Alliance’s entry into Angola and one of their tactics was to register the name Global.
G A Angola Seguros had a composite license and in its first two years experienced steady growth and income. In 2008 the financial crisis struck world wide and the focus turned to transparency and credit ratings. Being the only insurer to have a credit rating, transparent release of financial statements and no politically exposed persons on the board or as shareholders GA suddenly experienced a surge of business from multi national corporations covering everything from banking , oil and gas services, bottling, aviation, construction and mining. By 2013 when ICE was approached to sell the company GA was Angola’s largest private insurer with its closest competitor turnover less than 10% of GA’s $230 million in gross premium. In December 2013 the sale of the business to Saham was complete.
