NAICOM approval Standard Alliance composite status
Standard Alliance Insurance Plc, has gotten an approval from the National Insurance Commission (NAICOM) to operate as a composite insurance company.
This is coming three months after its merger with its sister company.
This news status offers Standard Alliance Insurance, opportunity to underwrite both life and non-life insurance risks.
Commenting on the development, the Group Managing Director of Standard Alliance, Mr. Bode Akinboye, said: “The composite insurance licence 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. Therefore, with the combined professional and result-oriented workforce, SA, as a composite company, is sure of achieving its set merger goals,” Akinboye added.
Akinboye said other benefits of the licence 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.
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.