By Maduka Nweke
Three months after its merger with its sister company, Standard Life Assurance, foremost insurance underwriting company, Standard Alliance Insurance Plc, has received approval from the National Insurance Commission (NAICOM) to operate as a composite insurance company. With this composite status, Standard Alliance Insurance Plc can now underwrite both life and non-life insurance risks.
Speaking on the development, the Group Managing Director of Standard Alliance, Mr. Bode Akinboye, said, “the composite insurance license means so much to us at Standard Alliance because NAICOM has confirmed our eligibility to transact both life and non-life businesses.
“The merger between Standard Alliance and its life subsidiary remains indicative of stronger performance and value for shareholders and other stakeholders. With the combined professional and result-oriented workforce, SA, as a composite company, is sure of achieving its set merger goals,” Akinboye added.
He stated that other benefits of the licence, which include making Standard Alliance the preferred choice to invest as a result of reduced cost of operations, which ultimately means superior returns on investment to shareholders would be achieved.
Standard Alliance Insurance Plc is a frontline underwriting firm that seeks to be the leading provider of insurance, risk management and investment services across the West African sub-region with Nigeria as its foothold.