Prestige Assurance plans $15m reinsurance treaty for energy and aviation risks

Determined to take advantage of the Nigerian local content development, Prestige Assurance plc is finalizing Reinsurance program for oil and energy treaty to the tune of $ 10 million covering Nigerian Oil and Energy risks both on shore and off shore, as well as $ 5 million for Aviation risks.
This amount totalling $15 million would offer the 63 year old company stronger capacity to explore growth opportunities that segment of the business.

Bala Swamy, managing director, CEO who disclosed this during an interaction after the Company’s Annual General Meeting in Lagos said Prestige a key player in the Insurance industry is set to reposition its business and turn around its fortune through delivery of prompt, efficient and qualitative services to its numerous clients.
Having concluded a rights issue to raise N1.5 billion, which was oversubscribed to the tune of 113.59 percent,  the Company disclosed that it has migrated to cloud computing in a renewed vigor for providing excellent on-line-real-time services.
The company has launched its operations into Cloud which is accessible via cloud computing whereby large group of remote servers are networked so as to allow sharing of data-processed tasks, centralized data storage, and online access to computer services or resources via the browser, Swammy stated.
He further observed that preparatory to improving its profitability, the company has established the Strategic Business Unit (SBU) in order to create a platform to compete favorably with its counterparts.
We are embarking on opening of more branches in addition to its existing four branches in order to reach easily and serve efficiently our numerous clients and we shall continues to improve on prompt claims payment policy, having  paid out the sum of N1.93 billion in 2014, he said.
Meanwhile, as at the end of 2014 financial year, Prestige recorded a gross premium income of N2.653 billion from N4.222 billion in 2013, a drop of 37 percent, while net premium written closed at N2.34 billion.
Profit after tax stood at N14.187 million from less than N90 million loss in 2013, while profit before tax stood at N176.75.Total assets is N11.89 billion and shareholders’ funds at N4.58 billion, all at the end of 2014 financial year.
This is as solvency margin of the company as at 31st December 2014 stands at  N4.69 billion as against the N3billion statutory  and this bears a testimony to the strength of the company, the MD noted.
“As a proactive organization, ‘Prestige’ has positioned itself as a mega financial supermarket for its esteemed clients by offering Lease Financing, Guaranteed Commercial Papers, Bankers’ Acceptances and investment in Real Estate for letting to positively reflect in the company’s performance.”