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Chuks Udo Okonta
Cornerstone Insurance Plc yesterday unveiled its newly appointed Managing Director/Chief Executive Officer Stephen Alangbo, who is set to take the firm to lofty heights leveraging people; process; product and promotions – 4Ps.
Speaking at a press conference in Lagos, Alangbo, said his agenda which he christened 4Ps, would help promote competence and innovation in the underwriting firm.
He noted that with support from his team, he would build top and prominent leaders in the firm; leverage Artificial Intelligence (AI) to drive processes; evolves people friendly products and promote partnerships.
Alangbo submitted that the firm is standing strong on the group’s assets worth over N70 billion and has within the first half of year 2023 wrote premium of over N14 billion and paid claims of N4 billion.
He said his administration would demystify insurance practice in the country and make people buy insurance products voluntarily.
According to him, the firm would open the retail space through developments of micro products and would digitally empower agents to sell the products.
He said the firm over the years has been a leader in information technology deployment, adding that it had massively invested in information technology and would continue to enhance its technology platforms
Alangbo’s appointment as Managing Director/Chief Executive Officer took effect July 3, 2023.
He succeeds Ganiyu Musa, who retired recently as Group Managing Director of the underwriting firm.
The Board of the company also approved the appointment of Peter Ekwueme as Executive Director, Technical Operations. Before his appointment in the current role, he was the Executive Director, Technical Operations FIN Insurance Company Limited.
Peter joins the Executive Director Business Development & Chief Client Officer, Chidiebere Nwokeocha along with Alangbo, to form, the dynamic trio of key decision makers leading the company.
In the recently concluded Annual General Meeting (AGM) held in Lagos, the Chairman of the Board Segun Adebanji said. “Following compliance with the succession policy of the company and NAICOM circular on CEO tenure, the Board has approved the appointment of Mr. Stephen Alangbo, the Executive Director, Technical Operation as the substantive MD/CEO. The approval of the National Insurance Commission (NAICOM) has been obtained for the appointment. The appointment articulates our commitment to deliver positive results to our shareholders, and employees, even as we strive to return greater value to our customers,” he added.
Alangbo was appointed to the Board of Cornerstone Insurance in 2022 as the Executive Director Technical Operations after a year stint in the same position in Tangerine Life Insurance Limited. He was part of the management team responsible for the tremendous increase in Cornerstone’s performance in 2022, with a group GPW of about N25 billion.
He has served as Managing Director in various organizations in the insurance industry within and outside Nigeria.
He was MD/CEO Capex Life Assurance Company Limited Kenya, MD/CEO Capital Express Assurance Liberia Limited, and Managing Director of ARM Life PLC. Stephen was the past Chairman of Life Offices Committee (LOC) of Nigeria Insurers Association (NIA), former Council Member of NIA, and was once a facilitator in AIO speaking on Life Assurance in the West African Region. He brings over 30 years quality experience to the company with competence ranging from micro-insurance, enterprise risk, strategic business development, insurance technical operations, product design & development, and corporate governance.
Stephen obtained his B.Sc. (Mathematics with Statistics) from the University of Lagos and his MBA from the ESUT Business School, Enugu. He has undergone various training both locally & internationally and received several awards for his outstanding performance both in school and out of school. He is also an Associate Member of the Chartered Insurance Institute of Nigeria (CIIN).
Peter Ekwueme joined Cornerstone Insurance in 1995 as a Graduate Trainee and worked for over 24 years in various capacities where he rose to become the General Manager and Divisional Head, Institutional Business responsible for sales and operations of the Special Risk unit, Lagos, Northern, Southern and Western Region.
He has over 28 years of insurance experience in Sales and Marketing Management, Technical functions covering underwriting, claims management and reinsurance operations.
Peter holds a bachelor’s degree in agriculture from University of Agriculture Makurdi {formerly UNIJOS, Makurdi Campus and a master’s in business administration from Delta State University Baraka. He has attended various courses locally and abroad including Advanced Management Course on Sales Force Performance Management at Kellogg School of Management, Illinois, Chicago, USA. He is an alumnus of the prestigious Kellogg School of Management, Lagos Business School, and an Associate member of the Chartered Insurance Institute of Nigeria (CIIN).
About Cornerstone Insurance Plc
Cornerstone Insurance Plc, was Incorporated on 26th July 1991 as a private limited liability company and became a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997. It was established to conduct Insurance business in a professional, ethical, and customer-focused manner and has remained committed to these values over the years.
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses and the classes of Insurance business we currently undertake include the following: Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance).
The company’s Issued and fully paid share Capital and Market Capitalization is ₦9.083 billion and ₦10.899 billion respectively as at December 31, 2022.
At Cornerstone remains committed to both its core values of Integrity, Empathy, Professionalism, Innovation, and Team Spirit and its continued mission of delivering value beyond expectations through needs-based products and quality service.
