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Tag: LASACO

  • LASACO Assurance chairman is dead

    LASACO Assurance chairman is dead

    The Chairman, LASACO Assurance Plc, Edward Akin Leigh, is dead. He was 65.

    In a statement, the management of the underwriting firm said Leigh who died on Monday, November 4, was an administrator, oil and gas, and business management consultant.

    He attended the Methodist Boys’ High School and King’s College, Lagos from 1961 to 1967; and graduated from University of Ibadan, Oyo State in 1971.

    He also attended the Graduate School of Business Administration, University of Wisconsin, Madison, Wisconsin, United States where he obtained MBA in 1974.

    He was a recipient of several academic and professional honours and awards. He was a John F. Kennedy scholar at Ibadan from 1968 to 1971; a Fulbright-Hays scholar at Wisconsin from 1972 to 1974; and National Young Manager of the Year (1975), among others.

     

     

    His work experience spanned over 23 years with Mobil Nigeria including extensive tours of duty and several training developmental attachments with Mobil affiliates and companies in Africa, Europe and USA during which he held a variety of key management and senior executive positions in supply and distribution, planning, logistics, and coordination, downstream engineering and operations, and marketing.

    He voluntarily retired as General Manager, Operations, Mobil, in early 1994 to organise his own firm, Petroleigh O. G. C. International Limited, an Oil and Gas coastal bunkering and marine support services company with operational bases in Lagos, Warri and Port Harcourt.

    His other professional and business activities included Group Managing Directorship of Services and Materials Management Company Limited (SMMC Group), a multi-faceted business and project management consultancy and general services company, as well as directorships in Rotoy Private School, Lekki.

    He was a member of several professional, social and recreational clubs and associations: Institute of Directors, Nigeria; American Management Association; Rotary Club International (Paul Harris Fellow and Past Rotarian President); Lagos Motor Boat Club; Ikoyi Club 1938; Yoruba Tennis Club, Alumni Associations of the University of Ibadan and University of Wisconsin, U.S.A; Honorary Citizen – Sioux City, Iowa, U.S.A., Executive Officer, Lagos State Scouts Council etc.

    Leigh’s professional experience, special skills and areas of specialisation include Petroleum Economics and Financials; Transformational Strategy, Profit Optimisation, Change Management, Business Modeling Processes, Confidence Building, Business and Management Policies and Practices in Emerging Economies.

    His over three decades of the highlighted multidisciplinary professional experience and skills have frequently been called upon to work as a consultant, member, resource person, policy adviser and analysts on various government and private sector projects on indigenous participation in petroleum liquids transportation; managing in a regulated economy; crisis management; creative problem solving; building a winning team; strategy formulation; etc.

    He held traditional titles of “Baaloro of Itoku” and “AsiwajuGbadeniyi of Egba Land”.

  • LASACO Assurance loses Chairman

    THE Chairman of LASACO Assurance Plc,Mr. Edward Akin Leigh,  is dead.

    He was aged 65.

    The well-known  administrator, oil/gas and  business management consultant passed on last Monday.

    Leigh was educated at the Methodist Boys’ High School and King’s College, Lagos from 1961 to the 1967 and graduated from University of Ibadan, Oyo State in 1971.

    He also attended Graduate School of Business Administration, University of Wisconsin, Madison, Wisconsin, U.S.A. where he obtained MBA in 1974.

    He worked in Mobil Nigeria  before voluntarily resigning in 1994 to set up his own firm.

    He held the traditional titles of “Baaloro of Itoku” and “Asiwaju Gbadeniyi of Egba Land”.

    He is survived by his wife,Adenike and children.

  • LASACO adopts new structure

    LASACO adopts new structure

    LASACO Assurance Plc is set to drop its life insurance arm for a composite underwriter structure.

    Its Managing Director Olusola Ladipo-Ajayi, who made this known, said LASACO Life Assurance Limited will be returned to its parent company, adding that it is better for the underwriting firm to operate as composite company, than operating separately.

    He said the company is discussing with an insurance company, adding that details would be made public after the approval by the National Insurance Commission (NAICOM).

    Ladipo-Ajayi said LASACO set a record by becoming the first insurance firm in the country to get the International ISO 9001:2008 Quality Management System Certification issued by the Standard Organisation of Nigeria (SON).

    He said LASACO is getting certified in other areas of their operations, including customer service. “We are struggling to be the industry leader in every area of our operations. We are trying to do this through the provision of products and services using modern technology and a well motivated workforce,’’ he said.

     

  • Lasaco is first ISO-certified underwriter

    Lasaco is first ISO-certified underwriter

    • Posts N2.7b premium income

    Lasaco Assurance Plc has set a record by becoming the first insurance firm in the country to get the International ISO 9001:2008 Quality Management System Certification issued by the Standards Organisation of Nigeria (SON).

    Its Chairman, Edward Akin Leigh, at the certificate presentation in Lagos, said the company started the process in 2010, adding that in the past 18 months, the company’s staff, branch network, business processes procedures and practices, reports and reporting standards, quality policy and management, have been subjected to world class rigorous checks, analyses and various audits both internally and by SON’s audits teams.

    He noted that the certification conferred on the firm a unique competitive advantage and position-of-strength as it pursues growth and profitability.

    SON’s Director-General, Joseph Odomodu, said getting ISO certification was the only thing that could change business practice, adding that the more companies are certified, the better would be the economy.

    He noted that SON has decided that even the small and medium enterprises should benefit from being certified to boost their operations.

    He said: “It is more interesting that insurance companies are getting certified and I really want to congratulate Lasaco for being a premier among others. Their certification indicates that we are coming up. Other insurance companies should follow the step of Lasaco for with the certification, the company’s result would soon begin to show that something has changed, for the system is structured in such a way that it would help them to offer better services and once that happens, people would flock to where better results are being posted. ISO certification is simply ensuring that things are done properly.”

    The Managing Director Olusola Ladipo-Ajayi, said the company would live up to expectation, to enable it to retain the certification, adding that the company decided to raise the standard in the industry by applying for the certification.

    He noted that the company is repositioning to remain atop in special risks, adding that the firm led a consortium last year to underwrite Nigerian satellite, an achievement which was uncommon.

    He said: “What we are trying to do is to carve a niche for ourselves in the special risks, without losing sight of the everyday insurance. Special risks are the type of risks that are denominated in dollars. They are international business; they give you a window into the international realm of insurance. You have an idea of best international practices. The major problems that Nigerian insurers face does not exist in special risk and that is to ensure prompt payment of premium.

    “In special risk, underwriters are empowered, and have the enabling environment to meet their obligations. Most of the problems of insurance companies of not being able to pay claims in Nigeria emanates from the fact that the premiums are not paid on time. But when you go to the realms of special risks, premiums are paid quickly; every obligation is met quickly, so when it is your turn, there is no excuse for you to drag your feet.”

    Lasaco’s gross premium income for last year stood at N2.7 billion as against N2.1 billion in 2010. The profit before tax was N478.91 million as against N249.65 million in 2010 while profit after tax stood at N213 million as against N249 million. The company paid total claims of N157.733 million in the 2011.

  • LASACO gets ISO certification

    LASACO Assurance Plc has bagged ISO 9001: 2008 certification, the management has said.

    In a statement, the Managing Director, Olusola Ladipo-Ajayi, said the Standards Organisation of Nigeria (SON) has provided independent confirmation that LASACO has met requirements of the ISO 9001:2008 certification.

    By this certification, LASACO has become the first insurance firm in Nigeria to be so certified, he stated.

    He said: ” By this certification, our company has been adjudged to meet the needs of customers and other stakeholders, including all statutory and regulatory requirements applicable to our operations. These standards are universally regarded as International best practices and are published by the International Organisation for Standardisation (ISO). It is administered locally by the SON.

    “Simply put, our company is committed to the method and model of quality prescribed by the standards.”

    Explaining the rationale for the certification award, Ajayi said: “The ISO 9001: 2008 deals with the fundamentals of Quality Management Systems. The certification is a powerful marketing tool because it places high priority on customer needs. It is expected to lead to superior operational performance required from companies operating in the international domain, especially when one of our main areas of operations is the oil and gas insurance, as well as other special risks.