NAICOM talks tough, liquidates two insurance firms

January 7, 2020

NAICOM talks tough, liquidates two insurance firms

Insurance sector operators will face stricter supervision in 2020, the National Insurance Commission (NAICOM) has said, announcing its liquidation of two firms. The regulator also said it would enhance its supervisory roles through the strict implementation of rules, the introduction of new reforms and initiatives that are in line with international best practice. Sunday Thomas, […]

NAICOM approves two new takaful insurance firms for take off

Adesola AfolabiSeptember 9, 2019

The National Insurance Commission (NAICOM) has granted approval in principle (AIP) to two new firms. A statement issued by Rasaaq Salami, head, corporate affairs of the Commission, revealed the names of the firms as Cornerstone Takaful Insurance Company Ltd and Salam Takaful Insurance Company Ltd. The companies will operate as composite Takaful operators to transact […]

AIICO announces Babatunde Fajemirokun as new MD/CEO

Adesola AfolabiAugust 14, 2019

Babatunde Fajemirokun is the new managing director and chief executive officer of AIICO Insurance Plc. His appointment was announced by the company through a regulatory filing at the Nigerian Stock Exchange, Wednesday. According to the statement, Fajemirokun’s appointment is effective from Today (Wednesday), August 14, 2019. Read Also: AIICO to underwrite agriculture risks following NAICOM […]

Investment firm, Eaton, increases stake in NEM Insurance, eyes board position

Businessam StaffSeptember 10, 2018

NEM Insurance

Eaton Acquisitions Limited, an investment company has increased its stake in NEM Insurance to 9 percent, days after it announced the acquisition of 4 percent of the insurance company, business a.m. has learnt. Olaleye Adeyinka, Eaton Acquisitions’ managing director while expressing confidence in the ability of current NEM’s leadership, said his company is desirous of […]

Staco Insurance appoints Jackson, Etti & Edu company secretary

Adesola AfolabiAugust 7, 2018

Staco Insurance

Staco Insurance Plc. Tuesday announced the appointment of Messrs Jackson, Etti & Edu as the company’s secretary following the resignation of Taiwo Ogunbanjo, who had erstwhile occupied the same position. The appointment which took effect immediately after the conclusion of a board of directors meeting held in Lagos on 30th of July 2018, comes on […]

NEM Insurance grows PBT 20.7% in H1 2018

Afolabi OluwaseunJuly 24, 2018

NEM Insurance

NEM Insurance Plc. has announced a 20.7 growth in its profit before tax (PBT) for the financial half-year ended 30 June 2018. PBT of the insurance company grew from N1.4 billion in June 2017 to N1.7 billion in June 2018 on account of a 12 percent increase in gross premium written and a 62 percent […]

African Alliance Insurance settles N8bn claims in 2017

Businessam StaffApril 18, 2018

African Alliance Insurance Plc has announced that it paid N8.69 billion in claims settlement in 2017, a 32.5 percent increase from the N6.56 billion paid in 2016. The company also recorded a gross premium income of N6.29billion in 2017. The figures were released by the Funmi Omo, Managing Director, in reaction to a recently published […]