From Left: Vice Chairman, Nigerian Council of Registered Insurance Brokers (NCRIB), Lagos Chapter, Oduwole Olufemi; Chairman, NCRIB Lagos Chapter, Ademola Olutusin; President, Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti; Managing Director/CEO, IEI Insurance Plc, Mr. Olasupo Sogelola; Vice President, NCRIB, Mrs. Ekeoma Ezeibe; Acting Executive Director, Business Development, IEI, Majeed Shogo; and Head Branch Operations, Yetunde Idowu at the 2023 Mid-Year Workshop of the NCRIB in Lagos.
IEI Insurance Plc is committed to timely claim settlement based on its liquidity status that enables the company to fulfill all its obligations, the Group Managing Director of the parent company, Norrenberger Group, Mr. Tony Ede has said.
The GMD made this known while speaking at the 2023 Mid-Year Workshop of the Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Committee sponsored by IEI Insurance and held in Lagos.
Following Norrenberger’s 100 percent acquisition of IEI Insurance, he said the company has in a short period experienced phenomenal growth in its business production and gained the confidence of the market, demonstrating innovation and aggressiveness in the insurance space.
Ede assured the brokers that the company has been paying outstanding claims inherited before Norrenberger acquired it and in a short time cleared the few that is pending, noting that the company has paid outstanding liabilities in excess of N1.5 billion.
He also said that above all, they will meet the recapitalization that is needed at all times.
He disclosed that the Group plans to position IEI Insurance to be among the top 10 insurance companies in the sector in a short time.
He said they would achieve this by unlocking new opportunities through innovation.
He added that they would also provide innovative risk management solutions as a dependable partner for peace of mind and value to our stakeholders.
The Managing Director/CEO, IEI Insurance Plc, Mr. Olasupo Sogelola on his part said IEI Insurance is back in the bang.
He said: “IEI Insurance is a subsidiary of Norrenberger Group. The company has a history of over 54 years. It was first created as Nigeria Exchange Insurance in 1969. It transformed into International Energy Insurance in the year 2003, 20 years ago. And again, now in 2022, the company was completely bought over by the Norrenberger Group. It has 100 percent shareholdings
“Aside IEI, the Group has Norrenberger Investment and Management Company Limited, an online finance company, Norrenberger Pensions Limited, Norwegian Securities Limited, and Infrastructure Bank. Norrenberger has a German background but is represented by four Nigerians of which Mr. Tony Ede is the GMD. The board of IEI has been completely reconstituted and they have put in funds. Our vision plans concerning the company have changed. We have new goals and new vision”.
“The current shareholder’s fund is about N3.3 billion but we have N5 billion deposited for shares and when you take those two together, we have N8.3 billion shareholder’s fund. The N5 billion is undergoing capital verification with the regulator, the National Insurance Commission (NAICOM) at the moment, and once this is concluded, it will be converted to shares. This is how big the organisation currently is”, he noted.
He however said that one of the things they have done that is different is paying for outstanding claims.
“I must let you know that when we came back into the system, we ensured that every broker’s liability that is outstanding on the company for years was settled. We went as far back as 2012, 2013, and 2014. Any broker that still has one claim or the other should call upon us.
“We have a few liabilities and the brokers involved have been scheduled for payment to be made to them. These are the things that give us the boldness to come call on brokers to support us by giving us more business.
The company has paid outstanding liabilities in excess of N1.5 billion, and has paid tax liabilities, staff outstanding liabilities including pension liabilities, broker’s claims, and all direct claims, he maintained.