OLUSEUN.
O. AJAYI:
Commendable leadership
The company was
incorporated in 1980 and began underwriting business a year later.
Originally known as Grand Union Assurance Limited,
it changed its name to Sovereign Trust Insurance Company
Limited towards the end of 1994 and by the beginning of
1995, it continued business with a fully paid up capital of N20
million.
Currently, Sovereign
Trust Insurance Company Limited authorised Share Capital is N100
million with a fully paid up capital of N91 million.
The ownership of the Company is made up of 25 Shareholders
out of which a board of seven directors was constituted.
The Company recently succeeded in obtaining approval of the
Federal Government to continue as insurers with authority to
underwrite general business and special risks.
The Company’s mission
essentially is to be a highly professional and innovative company,
providing the best form of insurance protection and risk
management services to various policy holders in an efficient and
responsive manner.
It is its intention to
provide highly efficient and creative professional services to the
insuring public. Importantly,
all genuine claims will be promptly and efficiently attended to
and settled without any delay.
To achieve these
objectives, Sorvereign Trust Insurance have assembled a vibrant
and purposeful management team made up of highly experienced and
result oriented professionals who are fully poised and determined
to contribute meaningfully towards the upliftment of insurance
practice in Nigeria. The
Company is also fully computerised and has created a cash reserve
for claims from inception.
It is the
intention of the Company to achieve the following key objectives:
·
To be a highly professional
organisation providing unique risk
management services
·
Improved Claims Settlement
procedure
·
To achieve a reasonable
proportion of the market within the shortest possible time in line
with the Company’s Strategic focus.
·
To consistently exploit the
underdeveloped areas of the market by
creating innovative product.
·
To meet customers needs.
·
To continuously motivate and
enhance the quality of the Company’s human resources through the
development of a well articulated staff welfare programme
·
To be a highly profitable
organisation that would consistently provide satisfactory returns
on investment for our Shareholders.
The board of directors
of Sovereign Trust is made up of reputable Nigerians with
impressive track record of professional ad business achievements.
Oluseun O. Ajayi has
19 years working experience out of which 11 years were spent at
NICON Insurance Plc where he acquired considerable experience in
various departments in the non-marine division of the corporation.
He was a member of the Product Development Committee at
NICON and was actively involved in the design and packaging of
specialised insurance products for the corporation’s various
clients.
In February 1992, he
moved to International Standard Insurance Limited as Senior
Manager in-Charge of General Insurance Operations and was directly
responsible for the Company’s underwriting, reinsurance and
claims functions. Apart from being a member of the team that set
up the Company, he also contributed immensely towards its growth
and development. He
was a member of the Management Council and served as Chairman of
several management Committees.
In August 1994, he
resigned his appointment at International Standard Insurers
Limited as the Deputy General Manager in-Charge of both non-life
and branch operations to spearhead the reconstitution and
reorganisation of Grand Union Assurances Limited.
He has attended several
technical and management development courses both locally and
overseas amongst which were a six week intensive management
programme at the London School of Insurance.
He is also an alumnus of the
Lagos
Business
School
. He
enjoys lecturing and has delivered several papers on insurance
related topics. He is
an Associate of the Chartered Insurance Institute of London and
graduate of the
University
of
Ibadan
where he studied History and Politics.
He is also an Associate of the Faculty of Risk management (FARIM)
and member of other professional associations.
Newswatch Special Feature, Friday, 15 November 2002
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