Boago Emerging Markets this week announced that it has successfully recapitalised its insurance businesses, taking Westlife Insurance Botswana out of statutory management with effect from 21 March 2025. Elliot Moshoke, an experienced African entrepreneur, founder and group chief executive of Acute Global Limited, parent company of Boago, commented:
“We are very excited about the prospects of Westlife and Westsure. Both the long- and short-term insurance businesses are now well capitalised through our BWP 30 million investment programme. “Westlife was recapitalised through a BWP 20 million investment, against the required BWP 13 million, allowing us to successfully take it out of Statutory Management.
“The additional working capital invested in both Westlife and Westsure will allow us to expand our market reach and product offering. “It’s time for Batswana as well as local and international corporations operating in Botswana to rethink life. Westlife will continue to benefit from the experience, entrepreneurial vision and market reach of Acute Global Limited, with prospects of disrupting the local market, particularly through deeper relationships and an acute understanding of our clients’ individual and corporate insurance needs.” Westlife was placed under statutory management in June 2023, when it was unable to meet its statutory capital obligations.
The business required a capital injection of P13 million to resume operations and safeguard Policyholders’ interests. The successful business rescue of Westlife and additional working capital is expected to support further market depth in the industry and generate competition to the benefit of current and prospective policyholders.
“We are very excited about the prospects of Westlife and Westsure. Both the long- and short-term insurance businesses are now well capitalised through our BWP 30 million investment programme. “Westlife was recapitalised through a BWP 20 million investment, against the required BWP 13 million, allowing us to successfully take it out of Statutory Management.
“The additional working capital invested in both Westlife and Westsure will allow us to expand our market reach and product offering. “It’s time for Batswana as well as local and international corporations operating in Botswana to rethink life. Westlife will continue to benefit from the experience, entrepreneurial vision and market reach of Acute Global Limited, with prospects of disrupting the local market, particularly through deeper relationships and an acute understanding of our clients’ individual and corporate insurance needs.” Westlife was placed under statutory management in June 2023, when it was unable to meet its statutory capital obligations.
The business required a capital injection of P13 million to resume operations and safeguard Policyholders’ interests. The successful business rescue of Westlife and additional working capital is expected to support further market depth in the industry and generate competition to the benefit of current and prospective policyholders.
