SIC Insurance Company Limited is the nation’s largest general insurer, and has a nationwide coverage. Its lines of insurance include motor, accident, travel, marine, aviation, oil and gas.
SIC was incorporated as State Insurance Corporation by Executive Instrument in 1962 (E.I. 17). It continued in existence by the State Insurance Corporation Instrument, 1965 (LI 424), made under section 5 of the Statutory Corporations Act, 1964. The name of the company was changed to State Insurance Corporation of Ghana by virtue of the State Insurance Corporation (Amendment) Instrument, 1969 (LI 635).
The Statutory Corporations (Conversion to Companies) Act, 1993 (Act 461) provided for a number of statutory corporations, including SIC, to be converted into companies limited by shares under the Companies Code, 1963 (Act 179) (the “Code”). SIC was duly incorporated as a public limited liability company on August 28, 1995.
SIC Insurance Company Limited is one of the oldest non-life insurance companies in Ghana. It traces its roots to the year 1955, when the Gold Coast Insurance Company was established. It was renamed Ghana Insurance Company in 1957, when Ghana attained independence.
In 1960, Ghana Insurance Company which was primarily a life assurance company, set up a subsidiary company – Ghana General Insurance Company (Ghana General) to underwrite fire and motor businesses.
The Government of Ghana in February 1962, per an Executive Instrument, took over the Ghana Cooperative Insurance Company and reconstituted it into the State Insurance Corporation to await the completion of takeover negotiations with Ghana Insurance Company and its subsidiary Ghana General. Subsequently after a successful takeover of the two private companies – Ghana Insurance and Ghana General – the new company, State Insurance Corporation, commenced business in November, 1962.
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