Guinea Insurance PLC, one of the oldest insurance companies in Nigeria, is being repositioned to ensure value creation and optimum returns to its shareholders.

The Managing Director/Chief Executive Officer, Mr. Ademola Abidogun, made the disclosure at the Nigerian Association of Insurance and Pension Editors’ (NAIPE) first quarter 2023 CEOs Forum in Lagos.

Abidogun said: “We have a very robust board and work force that is made up of accountants, lawyers and other professionals with a very strong business experience working together to ensure we are where we are today.”

Abidogun said the company has invested so much in staff training and acquisition of technology, adding that currently “we have so many portals including the Third Party Portal which helps us in doing our Motor Business. Motor Business still remains the biggest of our products and we have partnership with a few brokers on that.”

According to him, “we are also getting new businesses from Brokers such as Marine Insurance for example. This segment is also growing despite the fact that there has been a lot of challenges in the areas of dollars and importation. Our oil and gas business portfolio too has also picked up because people are very passionate about insurance.”

On agric insurance, he said the Company is partnering with some international bodies to grow that segment.

He said the process of getting approval for Travel Insurance from NAICOM is ongoing.

Abidogun said the Company’s portal for its Motor and Marine insurance business is strengthening their partnership with some brokers which he said have started patronizing them.

His words “The brokers partnership, our new business initiatives, our portal that we have for Motor and Marine insurances and some business with government agencies combined to ensure that we are getting value for our shareholders.”

In term of opening new branches, he said “We really don’t want to open a lot of branches but what we are doing is to have as many sales outlets as possible because to open new branch offices now is very expensive. We want to have sales outlets and well run central underwriting system and a central accounting system.

“Although we have few branches in strategic areas, we also want to open more sales outlets in strategic areas to complement the existing branch and enhance our operations in selling most of our products and repositioning our brands there.”