The Board of Directors of LASACO Assurance Plc has appointed Razzaq Abiodun, as the new Managing Director/Chief Executive Officer of the underwriting firm.
This followed by the retirement of former Managing Director, Segun Balogun, who retired from the Company effective May 29, 2021.
The insurer disclosed Abiodun’s appointment in a statement signed by its Secretary/Legal adviser, Gertrude Olutekunbi sent to the Nigerian Exchange Group Plc.
LASACO explained that Abiodun has over 30 years of experience in the insurance industry with technical expertise in claims, reinsurance, underwriting and marketing.
According to the company, he worked for a number of leading insurance companies like the defunct City Union Insurance, Metropolitan Trust Insurance (now Consolidated Hallmark) and WAPIC Insurance Plc, among others.
He joined Lasaco Assurance Plc in 2017 as an Executive Director, Technical and later became Deputy Managing Director Technical. He is an alumnus of the Lagos State University and the Ghana Institute of Professional Studies (GIMPA), where he obtained his Master’s degrees.
Meanwhile, Techeconomy.ng reported that AIICO Insurance Plc had declared that it recorded N60.7 billion as its Gross Written Premium in its audited results for 2020.
The company disclosed this in a statement signed by the insurer’s Head of Marketing Strategy and Communication, Segun Olalandu, and made it available to newsmen in Lagos on Tuesday, April 7.
The statement read that the N60.7 billion represented 21.3 percent growth when compared to the 2019 financial year figure of N50.1 billion.
According to it, the growth to continuous investment in the agency’s force, increased focus on partnerships and better relationship with corporates.
Olalandu also said that the firm recorded an underwriting loss of N36.3 billion in 2020 compared to N7.7 billion in 2019.