The Group Managing Director of Norrenberger, Mr. Tony Edeh has disclosed that the firm has a five-year plan to reposition International Energy Insurance (IEI) Plc, Nigeria’s first energy-focused insurer, into an industry leader.
Norrenberger recently acquired struggling IEI in 2022 and has been engaged in restructuring the company.
Mr. Ede made this remark at the office opening ceremony of IEI.
Ede said:
- “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% growth rate. This is just a tip of an iceberg because we will change the landscape completely in the next five years.”
Mr Bukar Goni Aji, Chairman of Norrenberger Group, also noted that IEI experienced a remarkable turnaround following a period of downturn that prompted regulatory intervention by the National Insurance Commission (NAICOM).
With fresh investment from Norrenberger, the company underwent a significant transformation, replacing its staff by 50 to 60% and adopting new strategies.
Mr Olasupo Sogelola, Managing Director of IEI, emphasised the company’s dedication to becoming a top contender in the insurance industry, highlighting the new office’s role in providing a conducive environment for innovation and professionalism.
He said:
- “The commissioning of our new office marks a pivotal moment in our journey. We are committed to repositioning the business for growth and excellence in service delivery and client satisfaction. We are driven by our vision to be the preferred insurance provider in Africa through innovation, professionalism and exceptional service delivery. IEI remains committed to providing top-notch services to clients across the continent. We are positive in our ability to materialise this vision.
- “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.”
More Insights
- In August 2022, Nairametrics reported the acquisition of International Energy Insurance Plc (IEI) by Norrenberger Advisory Partners Limited (NAPL), following NAICOM’s approval for a full equity takeover.
- This strategic move was set to broaden Norrenberger’s operational scope, enhancing its service offerings across Nigeria.
- Before its acquisition, the IEI struggled with losses for about nine years, By 2021, its total liabilities exceeded its total assets by N11.805 billion. The negative net asset slowed reduced marginally to N11.68 billion in 2022, according to its unaudited financial statements.
- In May 2023, the underwriting firm announced a delay in filing its unaudited Q1 2023 financial statement. There is still no available record of its 2023 financial statements as of the time of filing this story.
- Nigeria’s insurance industry now worth N2.8 trillion, with non-life insurance at N1.74 trillion and life insurance at N1.07 trillion in total assets, remains a potential gold mine for increased economic growth and improved welfare for the everyday Nigerian.
- Presently, 58 insurance companies, spanning life and general insurance, operate in Nigeria. Some of the top firms in this sector include Leadway Assurance, AIICO Insurance PLC, Custodian Investment Plc, Continental Reinsurance Plc, and FBN Insurance Brokers, among others.