2012 Breaking News: Law Union & Rock Insurance Plc Gets New Managing Director

by Free Insurance advice on April 25, 2012 · 0 comments

in General, Insurance in Nigeria, Latest Insurance News

Following the recent divestment by Plc of its 51% shareholdings and the subsequent takeover of the controlling shares by a new Core Investors comprising Alternative Capital Partners and Swede Control Intertek, Law Union & Rock Plc now has a new Acting Managing Director.

At a Town Hall meeting held on Thursday 19th April, 2012 at LUR headquaters in Lagos,  the new Managing Director/ CEO designate, Mrs Toyin Ogunseye was introduced to members of staff. This followed the resignation of Mr. Yinka Bolarinwa and Mr. Segun Ilori the MD/CEO and Executive Director (Finance & Admin) respectively to pave way for the new Core Investors to install a new management.

In her inaugural speech, Mrs. Ogunseye paid tributes to the immediate past Management for the good work and craved staff cooperation for her to succeed. She remarked that  she came with a mandate to  actualise the existing vision of the company; to rank among the first five (5) in the industry.

Mrs Oluwatoyin (Toyin) Eunice Ogunseye  is a seasoned marketer and underwriter with over 20 years experience in broking and underwriting. Prior to her joining Law Union & Rock as the new Acting MD/CEO, Mrs Ogunseye was Divisional Head – Manufacturing/Special Risk/Oil & Gas of Custodian & Plc. She started her with Femi Johnson & Co. Insurance Brokers Limited in 1989 where she worked in different capacities for ten years before joining Custodian & Plc in 2000. She holds a Higher National Diploma in Insurance from Lagos State Polytechnic (1995) and a Master of Business Administration (MBA) degree from the Federal University of Technology, Akure (2001). Mrs. Ogunseye is an Associate of the Chartered Insurance Institute of Nigeria and Member of the Nigeria Institute of Management. In addition, she is an alumnus of Lagos Business School.

Law Union & Rock is one of the first generation Insurance Companies to open office in Nigeria six decades ago. It  began operations in Nigeria in 1951 as a Chief Agency when the late Sir Mobolaji Bank-Anthony held the power of Attorney for Royal International Insurance Holding, a U.K leading Insurance Company [the first Nigerian to have such authority]. In 1957, the company acquired Branch status and continued to operate as a Branch of Royal International Insurance Holding, United Kingdom, transacting all major classes of Insurance businesses until June 17, 1969 when it became incorporated locally in compliance with the Companies Act of 1968.

In 1976 with the promulgation of Indigenization Decree, the Federal Government of Nigeria decided to acquire shares in leading Financial Institutions in the country, the Company was one of those affected by the exercise. The Federal Government acquired 9,775 shares of N2 each, which was 39.1% of the Company’s Paid-up capital. In 1989, the Federal Government in pursuit of its Privatization and Commercialization policy offered to the public its shares in the Company and this exercise led the company into being quoted on the floor of the Nigerian Stock Exchange on 9th July 1990. Law Union & Rock Ins. Plc  then became fully indigenous public quoted Insurance Company. However, following the 2006 Insurance recapitalization exercise , Plc snapped up 51% of its shares and became the Core Investor. The move by Plc to divest its holdings might not be unconnected with the CBN directive to banks to set up holding companies for their subsidiaries.

The company underwrites General Insurance Business only

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