Prestige Assurance Plc is mourning the loss of its newly appointed Executive Director, Mr. Deepak Pal, who tragically passed away barely three weeks after assuming his position.
The company confirmed his death in an official notice submitted to the Nigerian Exchange Limited (NGX) on Wednesday.
The announcement, signed by Company Secretary Mrs. Chidinma Ibe-Louis, revealed that Mr. Pal died on July 3, 2025, following a brief illness.
“Prestige Assurance Plc (the Company) wishes to inform Nigerian Exchange Limited (NGX), its shareholders, and the investing public that the Executive Director, Mr. Vivek Kalla, has resigned from the Board of the Company effective 29th June 2025. Furthermore, with a deep sense of loss, the Company notifies NGX and the public of the demise of the recently appointed Executive Director, Mr. Deepak Pal whose sad event occurred on 3rd July 2025, after a brief illness.”
Deepak Pal’s appointment was announced on June 17.
A Brief but Remarkable Career in Insurance
With over 13 years of experience in the insurance sector, Mr. Pal was recognized for his strategic insight and operational expertise.
He launched his career in 2011 at New India Assurance Company Limited, progressing through various leadership roles including Risk Engineer, Branch Manager, Divisional Manager, and Senior Manager.
Although trained as a Chemical Engineer, Mr. Pal distinguished himself in the finance and insurance world, bridging technical and operational domains with exceptional competence.
“Deepak brought a rare combination of technical depth and managerial skill. His contributions were already being felt within the company,” said a source within Prestige Assurance.
Strengthening the Executive Team Amid Transition
Alongside Mr. Pal’s appointment in June, Prestige Assurance had also announced Mr. Benjamin Simon as Assistant General Manager of the Internal Audit Department.
With over 15 years of experience and credentials as a Chartered Accountant, Simon brings expertise in SOX Compliance, Internal and External Audit, Tax Management, and Project and Cost Center Oversight.
His background spans banking, insurance, and oil & gas, positioning him as a key asset during this transitional period.
Mr. Pal’s passing marks a rare and somber moment in corporate governance, as the firm grapples with back-to-back leadership changes in less than a week. Prestige Assurance is expected to initiate a fresh leadership search while continuing to honor Mr. Pal’s legacy.
