LASACO Assurance goes composite

Chuks Udo Okonta

LASACO Assurance Plc is to withdraw its life arm and operates as a composite underwriter, Inspen has learnt.

Its Managing Director Olusola Ladipo-Ajayi, who disclosed this, said LASACO Life Assurance Limited is about to be returned to its parent company, adding that it is better for the underwriting firms to operate as composite company, than operating separately.

He noted that the company is already discussing with an insurance company it hopes to acquire, adding that details will be made public after the approval by the National Insurance Commission (NAICOM).

Lasaco Assurance Plc set a record by becoming the first insurance company in the country to get the International ISO 9001:2008 Quality Management System Certification issued by the Standard Organisation of Nigeria (SON).

Its Chairman Edward Akin Leigh, at the certificate presentation in Lagos, said the company commenced the process in 2010, adding that in the past 18 months the company’s staff at all level, branch-network, business processes procedures and practices, reports and reporting standards, quality policy and management, have been subjected to world class rigorous checks, analyses and various audits both internally and by audits teams from SON.

He noted that the certification conferred on the company a unique competitive advantage and position-of-strength as it pursues growth and profitability growth.