South African financial services group, Sanlam, has entered into a joint venture with First Bank of Nigeria plc to form a new insurance firm, FBN Insurance Company Limited.

Business Day reports the new company will offer life and non-life insurance services. According to the newspaper, Sanlam would have a 35% stake in the venture.

Val Ojuma, managing director of FBN Insurance Brokers Limited said Sanlam was part of the conceptualisation process of the new company. In the past, First Bank of Nigeria plc only had an insurance broking firm, FBN Insurance Brokers Limited.

Sanlam already has a presence in Nigeria through SIM Capital Alliance, a joint venture between Sanlam Investments and the African Capital Alliance group, a leading private equity firm in West Africa. SIM Capital Alliance provides portfolio management services to Nigerian institutional investors and individuals.

Sanlam recently announced its entry into the Ugandan market. According to the company’s website it also has a presence in Botswana, Namibia, Zambia, Tanzania, Kenya and Ghana.