OUR BIRTH STORY
The year was 1955, the month October, when two African Americans Messrs Robert Freeman Jnr., an actuary, and Vertner Tandy, a lawyer, arrived in Ghana, then known as the Gold Coast, to set up Life Assurance Company. Before their arrival, their two Ghanaian counterparts, Messrs Henry Plange Nyemitei and Samuel Cofie Johnson then working with the Gresham Insurance Company had been doing the preparatory work for the project.
In November 1955, the GOLD COAST INSURANCE COMPANY was registered with a stated bank deposit of £5,000 and on 1st March, 1956, the company started operations in a building now known as Koala Shopping Center, at Osu, Accra with the following Management personnel:
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- Manager Director
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- Deputy Managing Director
- Mr. Henry Plange Nyemitei
- Agency Director
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- General Agent for the Western Region
After Ghana gained independence in 1957, the Company's name was changed to "Ghana Insurance Company."
By mutual agreement in 1960, the Ghana Insurance Company bought shares worth £10,000 in the newly formed Great Nigerian Insurance Company and seconded Mr. Vertner Tandy to Lagos as its first General Manager.
In 1962, the Government decided to set up National Insurance Company and this led to it buying over the GHANA INSURANCE COMPANY and its subsidiary - GHANA GENERAL.
In February of that same year, the Government had passed an Act which took over the Ghana Cooperative Insurance Society Limited (Co-op for short), the only Insurance Company at the time in which the Government had financial interest, and reconstituted it into the State Insurance Corporation pending completion of negotiations with the two private companies with Mr. Robert Freeman becoming the first substantive Managing Director.
In 1965, the Social Security Scheme was established by an Act of Parliament in 1965 to provide social Insurance for all workers who are registered with the fund. Under the Act, SIC was charged with the general responsibility for the administration of the Act. In 1972, the administration of the Social Security Scheme was separated from SIC and became autonomous as Social Security and National Insurance Trust (SSNIT ).
In 1995, the State Insurance Corporation was converted into a public limited liability company as part of the Government of Ghanas 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.
In accordance with the provisions of 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 those 80,000,000 ordinary shares were issued to the GoG.
By a special resolution passed on 22nd October, 2007 the name of the Company was changed to SIC Insurance Company Limited, and in December,2007, SIC floated its shares to the general public and the IPO was oversubscribed by 97%.
The company went public in January 2008, when the Government of Ghana offered 60% of its shares to the general public. In December 31, 2008, the company listed SIC Financial services Ltd as its Subsidiary.
As at December 2009, the companys assets totalled GHc185.374 with a gross premium of GHC 56.877m. Management of the company is on a project to expand its operations across the West African sub - region targeting Sierra Leone and Liberia.