Norrenberger acquires International Energy Insurance

Following the approval of the National Insurance Commission (NAICOM), Norrenberger, an integrated financial services group, has acquired 100 per cent equity in the International Energy Insurance Plc (IEI Plc).

During the period, Norrenberger further obtained approval from the Nigerian Exchange Limited (NGX) for the block acquisition of 50.6 per cent equity in the first instance and commenced the process for the approval of the Nigerian Securities and Exchange Commission (SEC) for the mandatory takeover bid to acquire the remaining holdings of IEI Plc.

Mr Supo Sogelola, Managing Director and CEO of IEI Plc, said the underwriter developed its five-year growth plan on the back of market innovation, value creation for stakeholders and policyholders, strategic business expansion, brand equity and quality people to drive its return to the industry in great style.

Sogelola said the company had already secured over N1.3bn to clear all outstanding liabilities in terms of claims, taxation, pension, staff salaries and commission to brokers.

According to him, IEI Plc also has over N5bn for recapitalisation pending shareholding allotment, while the sum of N7.3bn is the projected capitalisation of the insurer, going forward.

And for the 2023 business year, the company is projecting premium income in excess of N5.3bn given its market potential and other favourable indices, including its rebounding share price levels at the Nigerian Stock Exchange.

He also promised that all outstanding foreign currency-denominated liabilities are being compiled and would also be settled in due course.

The Group Managing Director (GMD) of Norrenberger, Mr Anthony Edeh, welcomed Olasupo Oladeinde Sogelola into the Norrenberger family and stated that his experience, culture and desire made him a great fit for IEI Plc, adding that Olasupo had the full support of the Board of Directors.