Standard Alliance Insurance Plc has merged with its sister company, Standard Life Assurance, to become one big insurance company, underwriting life and non-life insurance businesses, the Group Managing Director, Standard Alliance, Bode Akinboye, has said.
He made this known in a statement in Lagos. He said the court-sanctioned merger makes Standard Alliance Insurance Plc a leading composite insurance company with a shareholders fund of N6.4 billion and asset base of N13.7 billion.
He explained that the merger was a strategic decision by the Boards of both companies to form a frontline composite insurance company, which will play a leading role in the insurance sector with the ultimate goal of making the company the most preferred place to invest in.
Akinboye added that the emergent composite company means combined professional and result-oriented workforce.
Standard Alliance Insurance Plc is now better poised to continue to provide more innovative products and deliver on its promises to all stakeholders, he said.
He announced that the Executive Director, Standard Alliance Insurance Plc, Mrs. Orerhime Emerhor-Iwuagwu, has resigned her appointment.
Akinboye thanked her for invaluable contributions to the company.
Tag: SA Insurance
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SA Insurance, Standard Life merge
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SA Insurance, Uber seal partnership deal
Standard Alliance Insurance Plc has entered into a partnership with Uber, a company that connects riders with drivers, to make moving around the city comfortable and affordable for its clients and staff who would need to be on the road to meet appointments.
In a statement by the Head, Corporate Communications, Nelson Egboboh, the underwriting company explained that it went into the partnership due to its desire to help its clients and members of staff get ultimate value for their hard-earned money which they had hitherto been spending to meet up with the costly fares being charged by other transport service providers.
According to the statement, Uber will be offering a free first ride of up to N5,000 when signing up for the service using the promo code SAINSURANCE. Uber offers reliable and affordable rides at the touch of a button.”
While noting that this free offer was for first time riders only, the statement explained that to enjoy the service, “the individual will have to download the Uber app on his mobile devices and sign up with SAINSURANCE code indicating his location and destination,” stating that “driver-partners are at multiple locations which makes it easy for them to reach any interested person within few minutes.
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SA Insurance employs eight management staff
The management of Standard Alliance (SA) InsurancE Plc has engaged some experts to drive key areas of its underwriting, Group Managing Director, Bode Akinboye has said.
In a statement, Akinboye said the move was part of the company’s plans to take its practices to an higher level internationally.
To achieve this, he said they had carefully engaged experts from other companies, noting that they were sure of meeting the board’s mandate to push the company to the topmost part of the performance and quality service delivery in the sector.
He said among those engaged by the company between January and early May were Thompson Akhigbe, from AIICO Insurance Plc to head the Internal Control Division; Olukolajo Ezekiel from Old Mutual Nigeria to head the Technical Division and Jegede Biodun, Divisional Head, Brokers/Multi-Clients Marketing, who joined the company from Associated Insurance Brokers.
The company also amployed, Mrs. Bosede Akintomide and Blessing Ana from FBN Insurance to head its brokers’ unit and financial institutions; Alo Olusola who heads the Energy and Special Risk Unit from Guinea Insurance Plc and Messrs.
Akeem Obembe and Temidayo Akerele from Equity Assurance Plc were also employed.
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SA Insurance pays N566.65m claims
Standard Alliance Insurance Plc paid N566.65 million claims in the first quarter of the year, the Group Managing Director, Bode Akinboye, said.
A breakdown of the payment shows that the firm paid N278.64milion while its life subsidiary, Standard Alliance Life Assurance Ltd, paid N288.01 million.
The claims were paid on fire, marine, motor, oil and gas, general accident and engineering classes of general insurance as well as the group and individual life policies.
He further said a total consolidated N719.56million was paid as claims to affected general and life policyholders during the period in 2014.
He said: ‘’We recognise that the survival or acceptance, progress and reputation of any underwriting company are a function of its consistent ability to respond to claims issues promptly and that is why we give any claims reported all the prompt attention to the satisfaction of our affected policyholders.
“The company’s ability to settle claims to the tune of N566.65million at a time the insurance business patronages were not impressive owing to the nation’s focus on the general electioneering activities “clearly demonstrates the organisation’s financial strength to manage any size of risk brought to it by the insuring public at any time.
Some of the major beneficiaries of the claims settlement, according to him, included Karina International Limited, Compact Manifold & Energy Services, Eagle Haulage Nig. Ltd, St. Paul’s Church, Hydrochina Huadong Engineering and DSC International.
According to Akinboye, these were part of outstanding claims prior to the assumption of duties by the new management last January, noting: “These claims response underscores the passionate commitment of the company’s new management team to aggressively pay down all claims that were hitherto unattended to.”
He however said the company has employed Olukolajo Ezekiel to handle its underwriting and claims.