The Nation Newspaper

Tag: STI

  • STI promotes workers to board positions

    STI promotes workers to board positions

    Sovereign Trust Insurance Plc has announced the elevation of two of its erstwhile General Managers to the position of Executive Directors.

    The duo, who by their recent elevation will automatically become Board Members of the company, are Olaotan Soyinka and Mrs. Ugochi Odemelam.

    Soyinka, before the promotion, was the General Manager/Divisional Head, Technical, while Ugochi was in-charge of Marketing/Business Development for the organisation as a General Manager/Divisional Head. The two appointments were recently ratified by the Board of Directors and both have assumed their new roles since September 14.

    STI Managing Director, Wale Onaolapo, said management is commited to succession plan in the organisation.

    He stressed that the elevation is expected to further strengthen the Board and empowers the company’s top management team in ensuring that the medium and long term strategic goals of the company are accomplished.

    Soyinka is an underwriter with over 20 years cognate experience. He is an Associate of the Chartered Insurance Institute of Nigeria. He is also a graduate of Insurance from the University of Lagos. He also holds a Masters of Science degree in Marketing from the same university.

    Odemelam graduated from the Federal Polytechnic, Nassarawa. She holds an MBA from ESUT Business School. She is also a member of the Nigerian Institute of Management (NIM), a registered member of the Chartered Insurance Institute of Nigeria (CIIN) and Chartered Insurance Institute of London (CII London).

  • STI Rights Issue yields 64% success rate

    The capital raising process via a Rights Issue exercise by Sovereign insurance Plc (STI) has recorded a gross proceed of N734.5 million representing a 64 per cent success rate, Chairman of the Company, Chief Ephraim Faloughi has said.

    Faloughi made this known to shareholders of the company at the 20th Annual General Meeting held over the weekend in Lagos.

    According to him, the success on the offer would reflect in the Company’s paid up capital in the financial year end 2015.

    He said that riding on the strength of your approval at the last AGM for the Company to embark on appropriate capital raising process, the Directors have moved into action and have opened and closed the issuance of shares to existing shareholders at a ratio of one for three ordinary shares already held at 50 kobo per share.

    He however said the company recorded a decrease from N929 million to N294 million in its Profit after Tax in its financial year end December 2014.

    He explained that the decrease in PAT year on year was as a result of N582.9 million prior year adjustments on claims reserve passed on its 2013 accounts.

    He said: “This adjustment reduced the value of claims charged against the profit for the year and consequently increased the Profit before Tax for 2013 from N274.8 million to N857.8 million.

    “The adjustment was however deducted from the retained earnings and did not affect Total Equity as detailed in the statement of changes of equity.

    “Gross premium for the year under review stood at N7.2 billion, a performance that represents 16 per cent over the sum of N8.6 billion recorded in the previous year.”

    Faloughi stressed that despite the result, the future of the Company is bright particularly with the implementation of a new business model and deployment of competitive strategies to control better market share and improve their profit level.

    He appealed to shareholders to be patient as the Company’s result noting claims payment as the reason for reduction in the results.

    Claims payment should be priority for investors and shareholders. It is better to keep our good name rather than not paying claims to policyholders, he said.

  • STI partners Yudala as official insurer

    Sovereign Trust Insurance (STI) Plc has partnered  Yudala, the largest online and offline retail chain in Africa as the insurer to the organisation, Managing Director of the company, Wale Onaolapo has said.

    He made this known in a statement to reporters in Lagos.

    He said the partnership, like many emerging in the  industry, is seen as a welcome development that will help engender the growth of retail business.

    He explained that as the official Insurer to Yudala in Nigeria for all online transactions and offline purchases in the different outlets spread across the country, the underwriting firm is expected to provide All Risks Insurance Cover to indemnify customers of Yudala in respect of any product purchased from either the online or offline retail platforms.

    He also said that the scope of cover is expected to include damage to and/or Electronic Breakdown of any item so purchased. It is an open-cover policy, which means customers of  Yudala can have their purchased items insured for one year on an on-going basis.

    He said: “After the signing ceremony of the Memorandum of Understanding, both parties acknowledged that the partnership would help engender a great deal of trust and confidence on the part of customers as they will be guaranteed of getting genuine products from the retail chain as well as adequate cover for their assets from a reputable insurance company in the country.

    “STI is particularly delighted to be associated with the Yudala Brand and is also very optimistic that the relationship will be an enduring and rewarding venture for both parties.

    “STI is poised to provide top-notch underwriting services driven by technology to Nigerians both home and abroad. This is a union of two great brands with shared value of an indigenous enterprise operating globally both in outlook and reach.”

    The Chairman of Zinox Technologies and the Brain behind Yudala, Chief Leo Stan Ekeh, has assured prospective shoppers of Yudala that they will be getting real value for their money for whatever product is purchased from any of the Yudala platform.

    “I will like to see a lot of this business partnership as STI and Yudala emanate from our shores from time to time which would help keep alive the entrepreneurship flame in driving the Nigerian economy and beyond.

    “It is indeed a union that I am so much pleased, is seeing the light of day”, he concludes”, he added.

    Aetna Inc. reached a $37-billion deal for Humana Inc. this month. And Woodland Hills insurer Health Net Inc. agreed to be acquired by Medicaid insurer Centene Corp. for $6.8 billion.

    The melding of Anthem and Cigna would create a company with about $115 billion in annual revenue and 53 million members. That would make it the largest U.S. health insurer in terms of membership, ahead of industry leader UnitedHealth Group Inc., which has 46 million members.

    The Aetna-Humana combination would have about 33 million members, rounding out a dominant big three in the health insurance business.

    Antitrust authorities are expected to closely scrutinize this new industry landscape.

    Some health policy experts and consumer advocates have expressed concerns about this increasing consolidation and the prospect of higher premiums.

     

  • STI promotes 22

    SOvereign Trust Insurance (STI) Plc has elevated 22 staff members, its Acting Head of Human Resources, Adeola Onichabor, has said.

    In a statement in Lagos, she said the beneficiaries cut across the organisation.

    Those promoted were the Eastern Area Manager, Angela Onochie, who is now an Assistant General Manager. Ebinyu Faloughi, a  Deputy Manager, is Manager.

    Two members of staff were promoted Deputy Manager. On the whole, 10 staff were moved as Officer 1 and officer 2; another two moved to officer 3.

    The company’s chauffeurs also benefited from the promotion, she added.

  • STI bags award

    Sovereign Trust Insurance Plc has for the second time bagged the Corporate Social Responsibility (CSR) Company of the Year Award.

    This was at the Inspenonline Media Awards at the Lagos State Chamber of Commerce and Industry Conference and Exhibition Centre, Alausa, Lagos.

    In a statement, the Head, Corporate Communications and Brand management, Segun Bankole has said the award was given in recognition of the contributions of STI to the society in the financial year.

    According to the organisers of the event, the nomination for the awards, began in December, last year, having sent out nomination notices to all the underwriting companies in the country, pension organisations and other financial institutions as well as members of the public.

    Bankole recalled that the company won the Award the previous year, while the Managing Director Wale Onaolapo emerged the Insurance Man of the Year.

    He said the award is a testament to the company’s intervention in the development of the country, appreciating the public for voting for the company.

    He noted that STI is committed to supporting those critical areas that could boost the progress of any society.

    The company’s CSR springboard is hinged on health, sports and environment, having identified these key areas as very pivotal to the development of any society.

  • STI to raise N1.1b through rights issue

    STI to raise N1.1b through rights issue

    Sovereign Trust Insurance (STI) Plc is set to raise additional capital of about N1.1 billion from its shareholders through a rights issue, the Managing Director, Wale Onaolapo has said.

    In a statement, the Head of Corporate Communication and Brand Management Department, Segun Bankole, said the company was placing on offer by way of rights, N2,290,585,798 billion ordinary shares of 50 kobo each at 50 kobo per share on the basis of one new ordinary share for every three ordinary shares of 50 kobo each subject to approval of the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

    He explained that the rights issue is a necessary step towards accomplishing its five year strategic blue-print which amongst others, will reinforce its competitiveness in the Nigerian market and improve its market share.

    He urges existing shareholders in the company to see this as a vista of opportunity to take up their rights during the offer and buy into the growth objectives of the company.

    He said: “In addition to ensuring the actualisation of the company’s goals, the exercise will further boost the aspiration of the company to creating exceptional values for all its stakeholders.

    “In achieving the huge tasks that have been placed before us, we have identified that a very robust capital base is critical to the realisation of our strategic objectives, hence the need to call on shareholders to exercise their rights when it eventually opens, he added.

    ‘’The principal activity of the company continues to be the provision of all classes of non-life insurance and special risk insurance and the fundamentals of its business remain solid.’’

    It added: “In today’s challenging economic environment, the company is continually poised to enhancing its capital structure and fortifying its investments portfolio for better positioning in taking advantage of the burgeoning opportunities in the industry”.

  • STI to raise capital through rights issue

    STI to raise capital through rights issue

    Sovereign Trust Insurance Plc (STI) is set to raise additional equity capital by offering one new ordinary share for every three ordinary shares of 50 kobo each.

    This according to the underwriting firm, is in fulfillment of one of the resolutions reached by its shareholders at the 18th annual general meeting (AGM) held last year, which empowered the directors to raise additional equity capital by way of special placement or public offer/rights issue or a combination of any of them.

    The Managing Director, STI, Wale Onaolapo who made this known in Lagos, said the plan to embark on another rights issue is aimed at consolidating the ownership of the firm by its existing shareholders.

    He said: “The rights issue, which is due to commence very soon will put on offer one new ordinary share for every three ordinary shares of 50 kobo each held in the company as at the close of register during the last annual general meeting.

    “Consequently, the management enjoins all shareholders of the company to take full advantage this second time around, by fully exercising their rights in the proposed rights issue as a way of consolidating and increasing their stake in the ownership of this very dynamic and forward-looking insurance company in the country.

    “The company, more than ever before, is poised to take the insurance business to a greater height as it gravitates to the next phase of its growth agenda. The management has set a growth agenda, which is aimed at positioning the underwriting firm as one of the top players in the insurance industry, particularly, in the oil and gas sector where it has developed very unique expertise and professionalism.”

    Onaolapo called on shareholders to lend total support to the rights issue once it’s placed on offer. This will help in achieving the various objectives that have been set by the organisation.

    He noted that the company is committed to creating exceptional value to all its shareholders.

    In achieving the huge tasks, he said they have identified that a very robust capital base is critical to the success of the set agenda hence the need for shareholders to grow their investments in the company.

    He said the firm is working towards being one of the most preferred insurance companies in the country for people to do business with, invest in as well as be the choice employer of labour.

  • STI partners centre on leadership

    STI partners centre on leadership

    To fulfill its commitment towards the advancement of the Nigerian Society through Corporate Social Responsibility, Sovereign Trust Insurance (STI) Plc has  collaborated with the Centre for Values in Leadership (CVL), in hosting the maiden edition of the Centre’s Road Show tagged ‘Walk The Talk”.

    The event is geared at entrenching good leadership and promoting positive values in the society.

    It brought together distinguished Nigerians, such as Prof Pat Utomi, Managing Director, STI, Mr. Wale Onaolapo, Joke Silva, and Kate Henshaw.

    The ‘Walk-the Talk’ campaign, which means ‘practice what you preach’  is a change movement initiated to preach CVL’s leadership values while reaching out to correct some social, economic and political challenges in our society.

    The objective of the movement is to equip generations of young Nigerians with values and leadership skills which will make them become effective and value-driven leaders in future.

    The event co-coordinator, Miss Stephanie Etokeren, lauded the management of STI for its continued commitment in identifying with laudable CSR initiatives in the Nigerian Society over the years.

    Managing Director, STI, Onaolapo, said the company is committed to the development of the Nigerian Society in every regard, and he equally opined that a great deal of work still need to be done in getting to the desirable state that every Nigerian would be proud of.

    He identified the company’s vision of being the leading brand as the pivotal force responsible for most of the initiatives embarked upon by the company.

    He said the firm is proud to be associated with the Centre and what it represents in the larger society. and would not rest on its oars in embarking on CSR initiatives that would further enhance and advance the quality of the human capital resources in the country both at the local and national level.

  • STI hosts second edition of Golf tournament in Ibadan

    Sovereign Trust Insurance Plc is set for the second edition of its Open Golf Tournament in Ibadan, Oyo State.

    The event is scheduled to hold from April 25 – 27, 2014, at the Ibadan Golf Club, Onireke Reservation Area, Ibadan, Oyo State. The 3-day tournament is expected to bring together some of the country’s top golfers both at the Amateur and Professional levels for both male and female in all the categories.

    The Captain of Ibadan Golf Club, Prince BayoAdeleke, said STI has consistently led insurance companies in promoting sporting activities at all levels, and urged more participation from other corporate organisations in advancing the game of golf and other sports in order to further enhance the human capacity in the burgeoning sports industry in the country.

    According to him, the intervention of STI in sports development in Nigeria and beyond cannot be undermined.

    He expressed appreciation to the Management of STI for staying true to its promise of sponsoring the tournament on an annual basis.

    He said he is optimistic that this year’s tournament will be exciting than the last edition. He enjoined all golf enthusiasts across the country to make the ancient city the converging point during the three-day tournament.

  • STI settles N1.7b claims

    Sovereign Trust Insurance (STI) Plc settled claims of N1.7 billion to the insured between January and December, last year.

    A breakdown of the claims composition paid revealed that Energy Insurance claim recorded the highest figure of N645 million, followed by Motor Insurance, accounting for N417 million while N235 million was paid as claim under General Accident.

    The firm paid N186 million for Fire and Allied Perils, N186 millionfor Marine Insurance and N45 million for Engineering.

    Managing Director, STI, Mr. Wale Onaolapo said there is no compromise to claims settlement in the firm.

    He said this has encouraged their customers to come back.

    He said: “The company has put in place a friendly claim process which ensures that customers do not go through undue bureaucratic process in getting their claims settled in good time.The processes involved from the moment a claim is reported to the period the customer receives the cheque have been made as seamless as possible.

    “Over the years, our prompt claims settlement has helped to strengthen the relationship with our customers; we do not allow them to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness.”