Staco Assurance names Wale Banmore MD/CEO

Wale Banmore has been appointed as the new managing director/CEO of Staco Insurance Plc, following the takeover of the underwriting firm new investors.

It was learnt that his appointment alongside two other board members have been approved by the National Insurance Commission (NAICOM) recently.

Staco Insurance Plc has gotten fresh investor and a new management controlled by the new investor is already in place to steady the ship of the company, pay up the huge unpaid claims, settle the debtors and pump in enough capital for the day-to-day operations of the company.

Banmore is an household name in insurance industry having worked with several companies and served at various capacities in the industry.

Wale Banmore is a seasoned insurer with over 30 years on the job n the insurance industry. He is undergoing a Ph.D in Strategic Marketing at Babcock University.

He is a graduate of Sociology from the University of Ibadan and holds a Master’s Degree in Managerial Psychology from the same institution.

He is an associate member of the Chartered Insurance Institute of Nigeria (ACIIN); a member of the Africa Insurance Organisation(AIO); a member of the Nigeria and South Africa Chambers of Commerce and an alumni of the Lagos Business School(LBS).

Having worked with several organisations under different capacities between 1992 and 2003, he joined the Royal Exchange group in 2003 and acted in various managerial capacities within the company. He was the Managing Director of Royal Exchange Prudential Life Plc, a subsidiary of Royal Exchange Plc from 2011 to December 4, 2019.

In December 2019, he was appointed as the group managing director of Royal Exchange Plc, having become the managing director/chief executive of Royal Exchange Prudential Life, between October 2011 and August 2018.

He was midwifing the proposed microinsurance subsidiary of Bosak Group as the managing director/CEO between April 2021 and May 2022, a place he left to spearhead the new management of Staco Insurance Plc.

Modestus Aneasoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.