THE Group Managing Director/CEO, Standard Alliance Insurance Plc, Bode Akinboye, has been co-opted into the governing council of the Nigerian Insurers Association (NIA), the umbrella body for all insurance companies in Nigeria, for the year 2015/16.
In a letter by the association conveying the council’s decision to him, council noted that his co-option was expected to add value to the deliberations of the body, adding that the decision to co-opt him “was in line with the provision of article 6 (1) (d) of the Association’s constitution that provides for the co-option of members into the Council.”
Akinboye who assumed office in January this year after leading Gemrock Management Company Limited to acquire strategic stakes in the company, is returning to the association as an old member having earlier served on the council as the treasurer for four years before he left the industry in 2009 to set up a private equity company.
Since his return as an investor which has been a welcome excitement to the nation’s insurance industry, he has initiated several fresh ways of doing the underwriting business through his company, culminating in his befitting co-option as a member of the association’s highest organ where his transformational contributions are valuably being expected.
Akinboye’s belief that insurance business can be done with integrity that leads to profitability is already yielding results in his underwriting firm which returned 104% profit after tax rise in its half year result as at end of June this year.