General, Latest Insurance Gossip

Tony Elumelu ‘Ressurects’ HEIRS Insurance, Obtains NAICOM Approval as New Insurer

Tony Elumelu

Tony Elumelu

The National Insurance Commission () has issued a Notice of Registration of Insurance Limited as a newly registered insurance company.

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 Guidelines recently issued by the Central Bank of Nigeria () and leverage on the extant relationship with UBA Plc.

Prior to the 2007 Recapitalization exercise of insurance companies, 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 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

 

Analysts see the issuance of new licences as a good move by and (Central Bank of Nigeria) to deepen the market.

 

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