The diversification of the Heirs Holdings Group into the underwriting business has received a major thrust as the National Insurance Commission (NAICOM) has given official approval to Heirs Life Assurance Limited and Heirs Insurance Limited, to commence business as life insurance and composite insurance firms, respectively.
In a LinkedIn post announcing the new licensing of these two companies, Heirs Holdings Chairman, Tony Elumelu described the addition of the two insurance underwriting firms to the the Heirs Holdings family as a decision that is, “Fueled by the determination to improve lives & leave a legacy in the African private sector, we have embarked on this journey to revolutionise the insurance space – deploying technology, customer understanding & operational excellence.”
This was part of five new operational licenses given to five insurance underwriting and reinsurance firms yesterday. Bringing the total number of insurance firms operating in Nigeria to well over 60. The new companies are Stanbic IBTC Insurance Limited, Heir General Insurance Limited, Heirs Life Assurance Limited, Enterprise Life Assurance Company Nigeria Limited and FBS Reinsurance Limited.
Foremost entrepreneur and chairman of United Bank for Africa (UBA), Mr. Tony Elumelu, is founder of the Heirs Holding Group, with a strong footprint in the hospitality, SME and social investment.
The Commission, while disclosing the information via its twitter handle said that the registration process of the firms as insurance companies are in fulfillment of the statutory provisions of extant laws for the registration or licensing of insurance companies in Nigeria.
According to NAICOM, the chairman of the insurance firm is the astute Nigerian banker, Tony Elumelu, the current chairman of United Bank for Africa Group, and founder of Heirs Holdings.
The new insurer has Japhet Duru as executive director (Technical and Operations), among other directors, while Olaniyi Stepehen Onifade will act in the capacity of the managing director and chief executive officer.
Heirs Life Assurance Limited, incorporated in February 2019, will be headed by Abah Okoriko as managing director and chief executive officer, with Abdulqadir Jeli Bello functioning as the its chairman.