Donewell Insurance Company was incorporated under Ghana’s Company Code 1963 (Act 179) on 3rd November 1988; the Company was granted a license to operate as a composite company by the National Insurance Commission (NIC) on 26th February 1993 in accordance with PNDC law 227 and commenced business on 1st March 1993. Over the years it has been selling both life and non-life products within the Ghanaian market. In compliance with the provisions of the new Insurance Act 2006 (Act 724) that requires composite insurance companies to separate their life from the non-life businesses, Donewelll Insurance Company established Donewell Life Company as a limited liability company under the Company’s Code, 1963 (Act 179) in September 2007 to underwrite life insurance business only. Effective January 1, 2008, the Life Division of Donewell Insurance Company started operating as fully-fledged life assurance company under the name Donewell Life Company.
However, following the new regulatory capitalisation requirements by the NIC in 2016, Donewell Insurance Company Limited ceded its total shares in Donewell Life to Pinnacle Equity Investments Limited (A privately owned equity firm) in November 2016.