New investors to boost insurance firm’s capacity

The Chairman, International Energy Insurance Plc, Alhaji Bukar Goni, has said the new investors of the company, Norrenberger Advisory Partners Limited, will build the IEI’s capacity and focus on its growth plan.

He spoke at the just 43rd annual general meeting of the company in Lagos, where its five-year accounts from 2016 to 2020 were presented to the shareholders.

Goni said, “With the new investment with the new investors, we are ready. We are ready to underwrite all requests that come to the company. We are not yet there 100 per cent, but we have started the journey.

“The public’s confidence is building. The retail aspect of the business of this company is doing well, particularly motor vehicle insurance, goods on transit. If you see the number of placement, people have come to this company; it is very wonderful and highly encouraging.”

The Managing Director/ Chief Executive officer, Norrenberger, Mr Athony Edeh, said, “What we are going to do differently going forward is, number one, to recapitalise in line with what NAICOM has requested. We will entrench technology extensively in delivery of products and services, have employees that are world-class and also optimise the processes and systems with which the organisation works.

“We are going to also revamp our products to ensure that we have products that speak to the specific needs of the marketplace.”

The Managing Director, IEI, Mr Ebun Ayeni, stated that Norrenberger had already injected capital into the company for the settlement of outstanding liabilities.

He said, “The board, management and staff of International Energy Insurance Plc (the company) wish to congratulate its new investor, Norrenberger Advisory Partners Limited for the successful conclusion of its five-year audit and the release of the annual reports of the company.

“Norrenberger had in January 2022, obtained the approval of the National Insurance Commission 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.

“Norrenberger has committed to contribute to the transformation and growth of the insurance industry by leveraging on technology as well as by the deployment of top-notch human capital development programmes.”