• Wednesday, February 28, 2024
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Consolidated Hallmark Insurance becomes holding company

Consolidated Hallmark Insurance becomes holding company

Consolidated Hallmark Insurance has adopted a holding company structure to enhance stakeholder interest and contribution to the financial services sector of the Nigerian economy.

Having offered services in insurance, financial management services, health and asset management over the past years, the company has expanded operations into a holding company called Consolidated Hallmark Holding Company (CHHOLDCO) Plc.

The development, which is coinciding with the 10-year limit tenure for chief executive officers of insurance companies, has also seen Eddie Efekoha, former managing director of the insurance company handing over the mantle of leadership to Mary Adeyanju, who now heads Consolidated Hallmark Insurance as the managing director, while he moves to head CHHOLDCO Plc as the Chief Executive.

Also to work with him is Babatunde Daramola as the chief financial officer (CFO).

Briefing the media on the development, Efekoha, who described the Nigerian market as a big one, said the need to enhance stakeholders’ interests by investing in existing, emerging and profitable ventures prompted the Holdco decision.

Expressing satisfaction over how much the insurance company operated since it came on-board, Efekoha said the underwriting firm’s share price remains one of the best in the market today at N1.48k.

He said the new holding company, which took effect from January 1, 2024, would continue to support the insurance company and other subsidiaries.

He also expressed satisfaction that the insurance company, which started operations with just one license in 2007, now had between four and five licenses, adding that it also grew its premium within the period from N1.5 billion to the current N16.5 billion.

“Over the period, we have met our obligations to our customers by way of claims payments. We have paid over N2 billion by way of dividends.”