By Nnamdi Duru
Custodian & Allied Plc, one of the leading life and non-life insurance company in the country has unveiled its new group structure. This followed the successful merger of its business with that of Crusader (Nigeria) Plc.
Companies in the group include Custodian Life Assurance Limited (formerly Crusader Life Insurance Limited), Crusader Sterling Pensions Limited and Custodian Trustees limited (formerly Crusader Trustees Limited).
The company in a statement in Lagos said it welcomed the advice by investors, who recently asked it to operate through a group structure.
The new Custodian according to the management was organised as a group of companies with holding company, Custodian & Allied Plc having controlling equity interests in all the subsidiary companies.
The subsidiaries include Custodian & Allied Insurance Limited, a wholly owned general insurance subsidiary that is poised to be the leader in the industry which just recently took on the business of the rested Crusader General Insurance Limited. Also in the group is Custodian Life Assurance Limited (formerly Crusader Life Insurance Limited), another wholly owned life insurance subsidiary with a long and respectable history in the Nigerian life insurance arena.
The others are Crusader Sterling Pensions Limited, majority shareholding in the leading Pension Fund Administration (PFA) with an enviable record of return on investment to its contributors and Custodian Trustees Limited (formerly Crusader Trustees Limited), a wholly owned trust company providing secretarial and trusteeship services to the group and external clients.
The company said its future remains bright with the enhanced top and bottom line growth and improved operating efficiencies as a result of its expanded product portfolio, enhanced revenue opportunities resulting from economic scale and the unlocking of hitherto non-revenue yielding assets, without a corresponding increase in operating and administrative costs.
Custodian seeks to develop, package and deliver innovative insurance products that best satisfy customer needs. It operates a highly profitable, efficient, resourceful and ethical organisation that could survive well into the future and be a valuable asset to its shareholders.
The insurer's strengths lie in a stronger balance sheet, financial capacity, improved operational efficiencies and an expanded product portfolio even as it recently expanded its scope of services with the merger with Crusader. The company is quoted on the Nigerian Stock Exchange (NSE), and is approved by the regulatory bodies in Nigeria to offer insurance services and its board comprises individuals with proven track records in various fields who bring several years of experience to bear upon the activities of the company.
Source Thisday
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