Who We Are

Sovereign Trust Insurance Plc commenced business in January 1995 following the restructuring and recapitalization of the then Grand Union Assurance Limited. The Company went into operation with an authorized and paid-up capital of N30 million and N20 million respectively. Our authorized share capital is ₦7.5 billion, and we have a fully paid-up capital of ₦7.11 billion and Shareholders' Funds of over ₦23 billion, with a total asset base of over ₦40 billion, following the successful completion of the recapitalisation of the Nigerian insurance industry in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025. Our ownership is held by a diverse mix of individual and institutional investors, backed by a robust Board of Directors of distinguished personalities led by Mr. Abimbola Oguntunde (Chairman), and Dr. Lucas Durojaiye (MD/CEO). In 2022, the Company was upgraded from an A- stable rating to an A(NG) Positive rating, reflecting its high claims-paying ability, good spread of business across risk classes, strengthened financial position and sound capitalization, supported by good earnings generation and retention. Sovereign Trust Insurance Plc stands on an even stronger foundation — with enhanced capacity to offer non-life insurance solutions that spans through Motor, Marine, Oil & Gas, Aviation, Contractors' All Risks, Fire & Special Perils, Machinery Breakdown, Burglary, Professional Indemnity, Public Liability, Workmen's Compensation, Personal/Group Accident, Goods-in-Transit, Travel Insurance and several other specialized covers. From inception, the company moved from an average industry rating to a leading position, investing in the best of people and technology, improving on processes, growing market share at an average annual growth rate of 30%, and thereby expanding its balance sheet size. The company continuously strives to be amongst the top five insurance companies in Nigeria. The Board of Directors of the Company is made up of reputable individuals that have distinguished themselves in different fields of endeavor. The Head Office is located at 17 Adetokunbo Ademola Street, Victoria Island, Lagos with Area, and Branch offices spread across the country while the day-to-day operations are manned by a well experienced and vibrant workforce.