International Energy Insurance (IEI) Plc says it has spent over N1.3 billion to clear all its outstanding liabilities in terms of claims, taxation, pension, staff salaries and commission to brokers.
Mr Supo Sogelola, the Managing Director/Chief Executive Officer (CEO) of the insurance company said on Saturday in Lagos.
Sogelola said the effort was to reposition the underwriting firm and as a strategy adopted by Norrenberger Financial Service, its new investors.
Norrenberger Financial Service recently acquired 100 per cent equity investment of the company which was approved by the National Insurance Commission (NAICOM).
He explained that the firm was yet to pay its outstanding foreign currency-denominated liabilities because of exchange rate fluctuation.
The managing director, however, said the company was already compiling those currency-denominated liabilities for settlement in due course.
Sogelola noted that the company’s capital base would rise to N5 billion from the projected N7.3 billion, after getting NAICOM approval of its shareholding allotment.
“For 2023 business year, the company is projecting premium income of N5.3 billion and profit in excess of 10 per cent, given its market potential and other favourable indices,” he said.
The IEI boss said that the new management team had developed a five-year growth plan and a focus to recapture the market innovatively.
According to Sogelola, the insurer is bringing innovation, value added services, business expansion, manpower development and brand equity into the market, to reclaim its position in the sector.
Segelola said, “We will focus on high net worth individuals and medium networth individuals in terms of personal products.
“While our alternative channels will address the needs of SMEs, MSMEs and co-operatives to effectively address the issue and opportunity of insurance penetration in the country.
“We shall delight brokers by the quality of our innovative products and services and also retool our retail services because retail business has sustained the company over the years.” he said.
Established in 1969, as Nigeria Exchange Insurance Company Ltd., IEI was Nigeria’s first energy-focused insurance company and an expert in first class underwriting solutions for offshore and onshore risks, as well as general insurance business.
The company racked up losses in 2012 and battled to thrive in the midst of overwhelming operational costs, such as underwriting expenses incurred from underwriting risks and suspension by the Securities And Exchange Commission (SEC).
In 2022, the insurance firm was rescued by Norrenberger who bought 100 per cent equity holding of its investment to reposition it in the market.
