Cornerstone Insurance Plc, on Tuesday announced the appointment of Mr Stephen Alangbo, as its new Managing Director/Chief Executive Officer (CEO), effective July 1.Mr Segun Adebanji, Chairman, board of the insurance company announced this at the firm’s 2023 Annual General Meeting (AGM) in Lagos.
Adebanji said that the board also approved the appointment of Mr Peter Ekwueme as the Executive Director (ED), Technical Operations of the insurance company.He stated that Alangbo succeeded Mr Ganiyu Musa, the out going Group Managing Director of the underwriting firm, following the expiration of his tenure.“Following compliance with the succession policy of the company and the National Insurance Commission’s (NAICOM’s) circular on CEO’s tenure, the board approved the new appointments.
“The approval of NAICOM has been obtained for the appointment. The appointment articulates our commitment to deliver positive results to our shareholders and employees, even as we strive to return greater value to our customers, ” he said.According to him, Ekwueme would join the Executive Director, Business Development and Chief Client Officer, Mr Chidiebere Nwokeocha, along with Alangbo ,to form the dynamic trio of key decision makers leading the company.The News Agency of Nigeria (NAN) reports that Alangbo has 30 years of experience in the insurance industry, with competence ranging from micro-insurance, enterprise risk,strategic business development, corporate governance and insurance technical operations,among others.
He was appointed to the board of Cornerstone insurance in 2022 as the Executive Director, Technical Operations after a year stint Tangerine Life Insurance Ltd.Alangbo was part of the management team responsible for the tremendous increase in Cornerstone’s performance in 2022, with a Gross Premium Written of about N25 billion, representing 13 per cent growth in Profit Before Tax(PBT).He had served as MD in various organisations in the insurance industry within and outside Nigeria.Alangbo was the MD/CEO, Capex Life Assurance Company Ltd., Kenya; MD/CEO, Capital Express Assurance, Liberia Ltd., and MD, ARM Life Plc.
Ekwueme joined Cornerstone in 1995 as a graduate trainee and has worked in various capacities, with experience in sales and marketing management, technical functions covering underwriting, claims management and reinsurance operations.He was the Executive Director, FIN Insurance company Ltd. before his appointment.Cornerstone Insurance was incorporated on July 26,1991and quoted on the Nigeria Stock Exchange in 1997 to conduct insurance business in a professional, ethical and customer-focused manner.The company is licensed and re-certified by NAICOM to underwrite both general and life insurance businesses(NAN)
