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By Henry Uche
The Group Managing Director of Norrenberger, Mr. Tony Ede, has revealed how the National Insurance Commission (NAICOM) intervened to prevent the collapse of
International Energy Insurance (IEI).
Ede, who spoke during the commisioning of a new office in Lagos recently, said when the regulator put up IEI for sale, they saw the oppourtunities that existed in the sector and took over the company, while promising that IEI would be among the leading insurance companies in Nigeria in the next five years.
“IEI is a company that the regulator put up for sale. We saw the great opportunities that exist in the space and we came in and took over the company. We have been providing both human and financial resources to keep the company going. Today, the company is doing great,” he said.
Ede said his optimism in the growth of IEI is not just a mere statement, but one backed up with a commitment to make its numerous customers and investors smile at the end of every financial year.
“The new office is a classic example of what the company has done. We have moved from our derelict office to a better one. We are committed to make IEI one of the most successful insurance companies in Nigeria.
“We have no regret investing in the company. It is our vision that in the next five years, we will be one of the leading insurance companies in the land. As at December, we were adjudged to be the fastest growing insurance company at 264 per cent growth rate. This is just a tip of an ice berg because we will change the landscape completely in the next five years,” he said.
Also speaking, the Managing Director of IEI, Mr. Olasupo Sogelola, stated that the landmark expansion emphasises the company’s commitment to improving its service delivery and expanding its footprint within the industry as it repositions itself to soar higher in the insurance market.
He said: “Our office is designed to provide a conducive and collaborative work environment. The meticulously chosen location reflects our dedication to maintaining accessibility and convenience for clients, solidifying our position at the forefront of the insurance industry.
“The commissioning of our new office marks a pivotal moment in our journey. We are driven by our vision to be the preferred insurance provider in Africa through innovation, professionalism and exceptional service delivery.
“IEI is Nigeria’s first energy-focused insurer. Established in 1969 as Nigeria Exchange Insurance Company Limited and evolving over the years, the company narrowed its focus to energy insurance in 2003 following its recapitalisation. Secured by a consortium led by African Reinsurance Corporation, Norrenberger Advisory Partners Limited took over in July 2022, marking a new era in IEI’s history. The company has shown remarkable innovation in the insurance sector and is set to exceed expectations in the future.”
Moreover, the Chairman, Norrenberger Group, Mr. Bukar Goni Aji, noted that in less than a year takeover, the underwriter has about 50 to 60 per cent new staff with new strategy to serve Nigerians better. “We believe in the capacity of our personnel and management, and we shall deliver even beyond expectations” he assured.
