Staco Insurance appoints Banmore Managing Director


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Chuks Udo Okonta

Staco Insurance Plc, has appointed Wale Banmore as its Managing Director/Chief Executive Officer, following the approval by the National Insurance Commission (NAICOM)

His appointment with two other board members
came after the take over of the firm’s board by a new investor, Inspenonline learnt.

Banmore is an household name in insurance industry having worked with several companies and served at various capacities in the industry.

Wale Banmore is a seasoned insurer with over 30 years on the job experience in the insurance industry. He is undergoing a Ph.D in Strategic Marketing at Babcock University.

He is a graduate of Sociology from the University of Ibadan and holds a Master’s Degree in Managerial Psychology from the same institution.

He is an associate member of the Chartered Insurance Institute of Nigeria (ACIIN); a member of the Africa Insurance Organisation(AIO); a member of the Nigeria and South Africa Chambers of Commerce and an alumni of the Lagos Business School(LBS).

Having worked with several organisations under several capacities between 1992 and 2003, he joined the Royal Exchange group in 2003 and acted in various managerial capacities within the company. He was the Managing Director of Royal Exchange Prudential Life Plc, a subsidiary of Royal Exchange Plc from 2011 to December 4, 2019.

In December 2019, he was appointed as the group managing director of Royal Exchange Plc, having became the managing director/chief executive of Royal Exchange Prudential Life, between October 2011 and August 2018.

He was midwifing the proposed microinsurance subsidiary of Bosak Group as the managing director/CEO between April 2021 and May 2022, a place he left to spearhead the new management of Staco Insurance Plc.

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