Sovereign Trust joins African committee on energy insurance

Sovereign Trust Insurance Plc has been appointed into a nine member committee to steer the affairs of the oil and energy pool in Africa.

A statement by the firm on Friday said it joined the league during the just concluded African Insurance Organisation Conference in Kigali, Rwanda.

The firm said this was disclosed at the 51st management board and 27th annual general assembly of the African underwriters in the oil and energy insurance at the conference.

With this development, it added that Sovereign Trust alongside two other insurance companies in the country and some African insurance companies, namely, Misr Insurance Company from Egypt, Chanas Assurances SA, Cameroun, Compagnie Centrale De Reassurance, Algeria, Zeb Re, Kenya, Tunis Re, Tunisia and Cica Re, Togo would administer the oil and energy pool from 2014 to 2016.

The Managing Director and Chief Executive Officer, Mr. Wale Onaolapo, said this appointment was in recognition of the company’s expertise over the years in underwriting of oil and gas risks.

He stressed that it had further reaffirmed the company’s overwhelming capacity in this very critical sector of the country’s economy and the African continent at large.

He said that the underwriting firm would not relent in providing world-class insurance services in the oil and energy sector and other allied areas to further consolidate its leadership position in that regard.

The General Manager and Head, Technical Division, Mr. Olaotan Soyinka, stated that Sovereign Trust over the years had created an enviable niche in the oil and energy sector and the insurance market as a whole by continuously building capacity and expertise on a continuous basis.

“It is a familiar terrain for us and we are set to maximise our potential and assert our leadership position,” he said.

Sovereign Trust considered the energy sector very crucial to the economic development of the country and would continue to exploit the market to maximise every opportunity embedded therein, the statement said.

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