Sovereign Trust Insurance Plc, opens rights issue

ON January 2, 2015, Sovereign Trust Insurance Plc, one of Nigeria’s professional underwriting firms, clocked 20 years. 

   Although the drums have not been rolled out to celebrate the anniversary but the management plans at a later date to celebrate its two decades of professional underwriting and a heritage of true entrepreneurship. 

   The vision of one of Nigeria’s finest underwriters, Mr. Oluseun Ajayi, came to fruition with the able support of another prominent business personality in the person of H.H. Ephraim Faloughi, OON. Together, this duo shared a common dream that has become a reality today. A veritable and formidable team was put in place under the leadership of the Visionary pioneering Managing Director, Mr. Oluseun Ajayi, ably supported by the incumbent Managing Director/CEO, Mr. Wale Onaolapo, as the Head of Technical Operations at inception.

Two decades after, the underwriting company has become a force to reckon with in the comity of insurance companies in Nigeria and beyond; recording so many pace-setting initiatives as it journeys through the years. The company has never looked back since it commenced operation; ensuring that adequate cover is provided in the most professional manner to everyone that has at one point or the other embraced the Sovereign Trust Insurance Plc Brand.

The company has metamorphosed a great deal in the span of its two decades of existence; having commenced business in 1995, following the restructuring and recapitalization of the then Grand Union Assurances with an authorized and paid-up capital of N30Million and N20Million respectively. The company, with its current Corporate Head Office situate on 17, Adetokunbo Ademola Street, Victoria Island, Lagos, with 16 other offices spread across major commercial cities in the country. The company attained the status of a publicly quoted company in 2004, and was listed on the Nigerian Stock Exchange on November 29, 2006.

Currently, the authorized share capital of the company stands at N5.2 Billion divided into 10.5billion units of 50kobo per share with a fully paid-up capital and Shareholders’ funds of over N3.4Billion. Sovereign Trust Insurance Plc has diverse shareholders from a wide range of individuals and institutional investors with a robust Board of Directors of distinguished personalities.

 The company boasts of innovative products and services that can latch onto the avalanche of emerging opportunities in the Nigerian Insurance landscape and beyond, just as it is always willing to collaborate with every relevant stakeholder in the industry such as NAICOM, NIA, NCRIB and other veritable business associates.

Over the years, the company continues to invest in research aimed at developing top-of-the-notch innovative products and services while deploying Information Technology to accelerate its operation in ensuring efficiency and as a means to reaching out to its teeming customers across the country. The company has adopted several initiatives to develop the retail end of the insurance market; one of such products was the birthing of SWIS-F in 2008, (Sovereign Trust Wellbeing Insurance Scheme for the Family), a personal accident form of policy with an annual premium of N1,500 for adults and N250 for children between the ages of 6-17years. Benefits range from N250,000 to N650,000 and it could be graduated depending on the insured preference when taking up the policy.