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Industrial and General Insurance Company

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Industrial and General Insurance Comoany Plc (IGI)
Company typePrivate
IndustryFinancial Services
Founded1991
HeadquartersLagos, Nigeria
Key people
Yakubu Gowon
Chairman
Remi Olowude
Executive Vice Chairman & CEO[1]
ProductsInsurance, banking, investments
Total assetsUS$338 million (NGN:53.1 billion) (2010)
WebsiteHomepage

Industrial and General Insurance Company Plc, commonly referred to as Industrial and General Insurance (IGI), is an insurance company in Nigeria. The company is a leading provider of insurance and risk management services in West Africa.

Overview

IGI is a large insurance services provider in Nigeria and through its subsidiaries, in Ghana, the Gambia, Rwanda and Uganda, with representative offices in London and Washington, DC. The company offers Insurance services as its focus investment sector, but through subsidiary companies, it is also invested in a diverse array of other sectors, including: banking, construction, engineering, mining, real estate, telecommunications and waste management. As of December 2010, the company's total assets were estimated at about US$338 million (NGN:53.1 billion), with shareholders' equity of about US$140 million (NGN:22 billion). At that time, IGI was the largest insurance company in Nigeria and the largest underwriter in West Africa.[2]

History

Industrial and General Insurance Company Plc was founded as a limited liability company on 31 October 1991 by Oluremi (Remi) Olowude. The company commenced business in January 1992. Remi Olowude was both founder and CEO until he passed away in September 2014.[3]

[4]

Ownership

The shares of stock of Industrial and General Insurance Company are privately owned. The detailed shareholding in the stock of the company are not publicly known at this time.

Branch network

The company has a branch network in 45 urban locations in the majority of states in the Federal Republic of Nigeria.

Products and services

The products and services offered by IGI include the following classes of insurance and non-insurance services:[5]

  • Individual Life Products
  • Group Life Products
  • Aviation Insurance
  • Engineering Insurance
  • General Business Insurance
  • Global Health Insurance Plan
  • Marine Insurance
  • Oil & Energy Insurance Services

Other investments

The company, either alone or together with other subsidiaries, is an investor in the following entities:[6]

  • National Insurance Corporation - IGI is the majority shareholder (51%) in NIC, the largest insurance company in Uganda.
  • Global Trust Bank - IGI and its Ugandan subsidiary NIC, jointly owned 91% of Uganda's 15th largest bank by assets; the bank failed in 2014 and DFCU Bank acquired the deposits and viable assets.
  • DFCU Group - Through NIC, IGI is a minority shareholder in the holding company of DFCU Bank, the 5th largest bank in Uganda.
  • SONARWA - IGI owns a controlling majority interest in Rwanda's largest insurance company.
  • Industrial and General Insurance Company (Ghana) Limited.
  • IGI Life Assurance Ghana Limited - Accra, Ghana
  • Monarch Communications Limited - Lagos, Nigeria
  • Global Trust Savings and Loans Limited - Lagos, Nigeria
  • IGI Gamstar Insurance Company Limited, the Gambia - Banjul, the Gambia
  • All Crown Registrars Limited
  • IGI Pension Fund Managers Limited
  • International Health Management Services Limited.

Governance

The governing body of the company is the twelve-member Board of Directors. General Yakubu Gowon, one of the non-Executive Board members is the Chairman.[7]

Management

The Management team comprises twelve senior managers. Rotimi Fashola serves as the Group Managing Director GMD and Chief Executive Officer.[8]

See also

References

  1. ^ Members of Board of Directors
  2. ^ IGI Financial Highlights As of December 2010
  3. ^ History of Industrial and General Insurance Company Plc
  4. ^ https://en.wikipedia.org/wiki/Remi_Olowude
  5. ^ Insurance Products and Services
  6. ^ The Subsidiaries of Industrial and General Insurance Company
  7. ^ Members of Board of Directors
  8. ^ Members of Senior Management
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