Managing Director/CEO of International Energy Insurance Plc, Ebun Ayeni, has revealed that the insurance firm is positioned to grow exponentially and phenomenally in the next few years owing to its recent acquisition by Norrenberger Financial Partners Limited.
Investment bank Norrenberger Advisory Partners Limited gained the assent of the insurance industry’s watchdog to buy International Energy Insurance (IEI), which has come under a loss-making spell for years on end in 2021.
Norrenberger had in January 2022, obtained the approval of the National Insurance Commission (NAICOM) to acquire 100 per cent equity in International Energy Insurance Plc, and further obtained approval from the NGX in September 2022 for the block acquisition of 50.6 per cent equity holding in the Company.
Speaking at the firm’s 43rd Annual General Meeting held at the Oriental Hotel, Lagos on Tuesday, said even in the face of a harsh global business environment, the company’s gross premium income was N966 million in 2017 and N463 million in 2018.
In his remarks, Group Managing Director, the new owner of IEI Plc, Tony Edeh said apart from paying about N500 million in insurance claims since the new owners came onboard, it has also settled the backlog of staff salaries and other encumbrances.