Sovereign Trust Insurance Plc, one of Nigeria’s very few professional underwriting firms clocked 22years on January 2, 2017 Though the drums have not been rolled out to celebrate the anniversary but sources close to the company have indicated that the Management has concrete plans at a later date to celebrate the company’s two decades of professional underwriting and a heritage of true entrepreneurship. The vision of one of Nigeria’s finest underwriters, Mr. Oluseun Ajayi came to fruition with the able support of another prominent business personality in the person of H.H. Ephraim Faloughi, OON. Together, this duo shared a common dream that has become a reality today. A veritable and formidable team was put in place under the leadership of the Visionary pioneering Managing Director, Mr. Oluseun Ajayi, ably supported by the then Managing Director/CEO, Mr. Wale Onaolapo, as the Head of Technical Operations at inception who later handed the baton of leadership to Mr. Olaotan Soyinka upon his retirement from the company in 2015.
Two decades after, the underwriting company has become a force to reckon with in the comity of insurance companies in Nigeria and beyond; recording so many pace-setting initiatives as it journeys through the years. The company has never looked back since it commenced operation; ensuring that adequate cover is provided in the most professional manner to everyone that has at one point or the other embraced the Sovereign Trust Insurance Plc Brand.
The company has metamorphosed a great deal in the span of its two decades of existence; having commenced business in 1995, following the restructuring and recapitalization of the then Grand Union Assurances with an authorized and paid-up capital of N30Million and N20Million respectively. The company, with its current Corporate Head Office situate on 17, Adetokunbo Ademola Street, Victoria Island, Lagos, with 16 other offices spread across major commercial cities in the country. The company attained the status of a publicly quoted company in 2004, and was listed on the Nigerian Stock Exchange on November 29, 2006.
Currently, the authorized share capital of the company stands at N5.2 Billion divided into 10.5billion units of 50kobo per share with a fully paid-up capital and Shareholders’ funds of over N3.4Billion. Sovereign Trust Insurance Plc has diverse shareholders from a wide range of individuals and institutional investors with a robust Board of Directors of distinguished personalities.
The company boasts of innovative products and services that can latch onto the avalanche of emerging opportunities in the Nigerian Insurance landscape and beyond, just as it is always willing to collaborate with every relevant stakeholder in the industry such as NAICOM, NIA, NCRIB and other veritable business associates.
Over the years, the company continues to invest in research aimed at developing top-of-the-notch innovative products and services while deploying Information Technology to accelerate its operation in ensuring efficiency and as a means to reaching out to its teeming customers across the country. The company has adopted several initiatives to develop the retail end of the insurance market; one of such products was the birthing of SWIS-F in 2008, (Sovereign Trust Wellbeing Insurance Scheme for the Family), a personal accident form of policy with an annual premium of N1,500 for adults and N250 for children between the ages of 6-17years. Benefits range from N250,000 to N650,000 and it could be graduated depending on the insured preference when taking up the policy.
The Management of the company is highly committed to maintaining the highest level of standards in terms of staff development and capacity building in ensuring that the workforce is tuned to global best practices. Another distinguishing feature that sets the company apart from the pack is its dynamic management team with deep expertise and competence across major sectors of the Nigerian economy.
On a very consistent basis, the company has over the years maintained its A- rating from the Global Credit Rating, GCR, based in South Africa, on its claims-paying ability, capital adequacy ratio amongst others.
Sovereign Trust Insurance Plc has put in place a five year strategic blueprint which became operational in 2013 to take advantage of the opportunities in the industry which will enable the company amongst other things, enlarge its business scope, reinforce its position as a reckoning brand in the comity of insurance companies in the country, increase its market share by enhancing and leveraging on strategic alliances to improve customer service, deepen competency and increase product range. The company has strategic plans to entrench a balanced proactive and conservative risk management culture that deploys ERM framework as a competitive differentiator. The ERM framework will clearly focus on supporting the combined objective of market share leadership as well as high shareholders’ value. The future indeed looks promising for this frontline underwriting Firm.