Sovereign Trust Insurance Plc joins league of Oil & Energy Pool in Africa

Onaolapo

Chuks Udo Okonta  

Sovereign Trust Insurance Plc has been appointed into the 9-Member Committee to steer the affairs of the Oil & Energy Pool in Africa.

This was announced at the 51^st Management Board and 27^th Annual General Assembly of African Underwriters in Oil & Energy Insurance at the just concluded African Insurance Organisation (AIO) Conference in Kigali, Rwanda.

With this recent development, the underwriting firm alongside two other insurance companies in the country and some African Insurance Companies, namely, Misr Insurance Company from Egypt, Chanas Assurances S.A, Cameroun, Compagnie Centrale De Reassurance, Algeria, Zeb Re, Kenya, Tunis Re, Tunisia and Cica Re, Togo will administer the Oil and Energy Pool from 2014-2016.

The firm’s Managing Director/CEO, Wale Onaolapo, said the appointment is in recognition of the company’s expertise over the years in underwriting of Oil & Gas risks which further reaffirms the company’s overwhelming capacity in this very critical sector of the country’s economy and the African continent at large.

He noted that the underwriting firm will not relent in providing world-class insurance services in the Oil and Energy sector and other allied areas to further consolidate its leadership position in that regard.  

The General Manager and Head, Technical Division, Olaotan Soyinka, stated that Sovereign Trust Insurance Plc over the years has created an enviable niche for the company in the Oil & Energy sector and the Insurance market as a whole by continuously building capacity and expertise on a continuous basis in that sector. In his words, “it is a familiar terrain to us and we are set to maximize our potentials and assert our leadership position”.

Sovereign Trust Insurance Plc considers the Energy sector very crucial to the economic development of our dear country and will continue to exploit the market to maximise every opportunity embedded therein.