Cornerstone Insurance total assets hit N70bn in Q2 – MD

The Managing Director, Cornerstone Insurance Plc, Mr Stephen Alangbo, on Wednesday, said that the total assets of the company hit N70 billion at the end of second quarter of 2023. Alangbo, also Chief Executive Officer (CEO) of the insurance company disclosed this at a news briefing held in Lagos to roll out his administration’s agenda. Mr Segun Adebanji, Chairman, Board of Cornerstone Insurance, had at the firm’s 2023 Annual General Meeting on Tuesday,announced the appointment of Alangbo as the company’s new managing director, effective July 3. Adebanji said that Alangbo succeeded Mr Ganiyu Musa, the former Group Managing Director of the underwriting firm, following the expiration of his tenure.

He said that the board also approved the appointment of Mr Peter Ekwueme as the Executive Director (ED), Technical Operations of the insurance company. Alangbo said that the insurance company’s total assets as at the end of year 2022 was N50 billion, while the firm settled claims of not less than N4bllion. The managing director said that the company’s issued and fully paid share capital and market capitalisation was N9.083 billion and N10.899 billion respectively as at Dec. 31, 2022. On his agenda, Alangbo said his team was determined to build people with capacity and a seamless technologically- driven insurance business process. He said that the firm would also build innovative creative products that would make it stand out in the insurance market.

“We plan to build top leaders in the insurance industry and people who are happy to contribute their quota to the system, knowing that Cornerstone is also there to take of them. We will develop innovative and micro insurance products ,different from the traditional insurance products, that people need and would buy without struggling,” he said. According to him, the firm would also explore competency in Artificial Intelligence (AI) to assist it in the area of onboarding customers and claims payment.(NAN)