Managing Director/CEO of International Energy Insurance Plc, Ebun Ayeni has said the insurance firm is positioned to grow exponentially and phenomenally in the next few years owing to its recent acquisition by Norrenberger Financial Partners Limited.
Investment bank Norrenberger Advisory Partners Limited gained the assent of the insurance industry’s watchdog to buy International Energy Insurance (IEI), which has come under a loss-making spell for years on end in 2021.
Norrenberger had in January 2022, obtained the approval of the National Insurance Commission (NAICOM) to acquire 100 per cent equity in International Energy Insurance Plc, and further obtained approval from the NGX in September 2022 for the block acquisition of 50.6 per cent equity holding in the Company.
Speaking at the firm’s 43rd Annual General Meeting held at the Oriental Hotel, Lagos on Tuesday, said even in the face of a harsh global business environment, the company’s gross premium income was N966 million in 2017 and N463 million in 2018.
“However, it grew to N525 million in 2019 and N564 million in 2020. This was made possible by implementation of our marketing strategies and underwriting efficiency in spite of the paucity of resources. There has been significant growth by the company despite the numerous impediments.”
According to him, IEI will leverage on the active support of the group, their experience, and well-trained workforce, strategically located branches, and expertise of its management to position itself as one of the leading insurance companies in the next few years.
He said strategic initiatives have been initiated since the acquisition and this will further continue along with its execution. “This will further enable optimal resource allocation, increased growth, and profitability through efficient risk management and cross-selling via financial integrated solutions,” he added.
In his own remark, Group Managing Director, the new owner of IEI Plc, Tony Edeh said apart from paying about N500 million in insurance claims since the new owners came onboard, it has also settled the backlog of staff salaries and other encumbrances.
“We will continue to ensure that we meet claims payment, because claims payment is at the heart of the industry. From the time we took over to now we’ve paid close to 0.5 billion in claims and we’ll continue to do that going into the future.
“So claims payment is one of the key areas where we think we will need to dwell on to get the trust of the market and the trust of the public.
Edeh reaffirmed the new owners’ commitment to grow the company and with a plan aimed at positioning IEI Plc as one of the leading insurance firms in Nigeria, also targeting the N15 billion recapitalization.
“We’re going to also revamp our product suite, to ensure that we have products that speak to the specific needs of the market. I mean, once we do all of this, a cocktail is a portfolio. Once we do all of this, we expect the company to be on the path of growth.
The Chairman of IEI Plc, Alhaji Bukar Goni Aji, a former Head of Service of the Federal Civil Service, promised that the company would sustain the momentum for profits and market leadership, by becoming a truly world class financial services group and economic powerhouse.
He said, “I want to thank our shareholders for their patience and understanding during the past years. Our resolve is to earnestly work harder for our company to be able to pay dividends consistently in the coming years. We encourage all shareholders to embrace the e-dividend option for the prompt payment of their dividends.”
“We feel strongly that the health of any business is also a function of capital, the capital base upon which the business sits right will continue to improve our capitalization.” He added.
At the meeting, the shareholders confirmed the appointment of the new Board of Directors – Alhaji Bukar Goni Aji as Chairman, Tony Edey, Dr. Chamberlain S, Peterside, Teniola Eleoramo, Mohammed Mijindadi and Dr. Adeyinka Hassan as members.
Similarly, the shareholders also confirmed the appointment of executive management team that includes, Ebun Ayeni- MD/CEO, Monsurat Ayoola- ED/COO; Emmanuel Bassey –CFO; Solabomi Odubiyi – Head, underwriting; Jonathan Ifidon- Group Head, Technical; Wale Adedokun –Head ICT.