Chuks Udo Okonta
Sovereign Trust Insurance Plc has pledged to join hands with the Nigerian Council of Registered Insurance Brokers (NCRIB) to advance the patronage of insurance by the public.
The underwriting firm has also advocated for strict compliance on compulsory insurances that are backed by the laws of the Federal Republic of Nigeria in increasing the revenue generation drive of the Industry.
This assertion was made at the just-concluded Chief Executive Officers (CEOs) retreat of the NCRIB, held in Benin City, Edo State.
The 3-day retreat brought together the Chief Executive Officers and major decision makers of all the registered insurance brokers from all over the country to discuss pertinent issues bordering on advancing the cause of their business as middlemen in the broking of insurance businesses in the country.
As part of its support to the Nigerian Council of Registered Insurance Brokers, Sovereign Trust Insurance Plc sponsored the event which many of the participants have described as very successful in terms of the content and organisation of the retreat.
The President of the NCRIB Ayodapo Shoderu, graciously extended the Council’s appreciation to the Management of the underwriting company for finding it worthy to partner with the broking community especially as it concerns issues bordering on the development and growth of the entire insurance industry.
He said that Sovereign Trust Insurance Plc has indeed demonstrated that it is a very professional organization that has over the years stayed true to its obligation as a formidable insurance company.
He equally mentioned the fact that the Council is committed to being partners-in-progress with the forward-looking insurance company and urged all member companies of the Nigerian Council of Registered Insurance Brokers in the country to give the much needed support they can to Sovereign Trust Insurance Plc.
The President stated that the broking community is an integral part of the insurance industry and as such, there must be a lot of cooperation and synergy between member companies of the Council and the underwriting organizations in the country.
The Managing Director/CEO of Sovereign Trust Insurance Plc, Wale Onaolapo, who was presented at the event by the firm's Executive Director/COO, Samuel Ogbodu, thanked the Executive members of NCRIB for granting the company the singular privilege as the Corporate Host of the CEOs Retreat.
He said: "We are indeed delighted by this show of fellowship and wish to convey our deep appreciation to all members and Executives of NCRIB for considering us worthy of the invitation to sponsor the CEOs Retreat which we are very glad to have honoured. We are extremely pleased to be associated with the Nigerian Council of Registered Insurance Brokers and what it represents in the larger society.”
He harped on the fact that the Nigerian Council of Registered Insurance Brokers is obviously a reckoning force in the Insurance Industry in the country and that Sovereign Trust Insurance Plc is ever open to partnering with NCRIB on any initiative that will engender the growth of insurance business in Nigeria and beyond.
"We will continually strive to enhance our on-going relationship with members and member companies of NCRIB in the country just as we will ever count on your unrelenting support as we enter into the next strategic growth phase for the company," he said.
The underwriting firm seized the opportunity to acquaint the leadership of the broking community of the success it recorded with the Rights Issue as it was able to raise over N700M, at the end of the exercise; a feat most capital market analysts have described as very encouraging considering the fact that the offer took place at a period when there was so much skepticism and apprehension in the economy.
He reiterated that the objective of shoring up the capital base of the organization is in line with the Management’s strategic intent of continuously upgrading the capital base of the company whilst maintaining international competitiveness especially in the area of Oil and Gas and as well, support future growth of the organization.
Onaolapo affirmed that the company’s ambition of being amongst the top five insurance companies in the country is without compromise.
"We will continue to work at it, learn from our challenges with a view to attaining our desired objective of being amongst the top players in the industry. We are poised more than ever before to take on the big ticket accounts and we are very much counting on your patronage in this regard," he added.
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