Promoted by Tony Elumelu, banker and entrepreneur, the company secured the licence to operate a composite insurance company which will underwrite both Life and General Business lines.
It is being speculated that this smart moves by the business mongul is to take maximum advantage of the Bancassurance Guidelines recently issued by the Central Bank of Nigeria (CBN) and leverage on the extant relationship with UBA Plc.
Prior to the 2007 Recapitalization exercise of insurance companies, Heirs Insurance Limited had operated as a composite company. It was then a subsidiary of the defunct Standard Trust Bank which later bought over UBA Bank Plc. The company converted to a life company, renamed HEIRS Life Assurance Company Limited and transformed into UBA Metropolitan Life Insurance Limited jointly owned by UBA Plc and a South African Company,
The newly registered HEIRS Insurance Limited has its Directors as: Elumelu Tony, Tony Aniemeke (Proposed CEO), Mr Adim Jibunoh, Mrs Mariam Ibrahim, Mr Stanley Lawson and Ambassador Oluwatoyin Y. Lawal