By Philemon Adedeji
Cornerstone Insurance plc has announced the appointment of Mr. Stephen Alangbo as the company’s new managing Director/Chief Executive Officer with effective from 1st July 2023.
Mr Alangbo succeeds Mr. Ganiyu Musa, the outgoing Group Managing Director of the Insurance company.
Stephen Alangbo was appointed to the Board of Cornerstone Insurance in 2022 as the Executive Director Technical Operations after a year stint in the same position in Tangerine Life Insurance Limited.
He was part of the management team responsible for the tremendous increase in Cornerstone’s performance in 2022, with a group GPW of about N25 billion representing 13 per cent growth in profit before tax (PBT). He has served previously as Managing Director in various organizations in the insurance industry within and outside Nigeria.
He was MD/CEO Capex Life Assurance Company Limited Kenya, MD/CEO Capital Express Assurance Liberia Limited, and Managing Director of ARM Life PLC. Stephen was the past Chairman of Life Offices Committee (LOC) of Nigeria Insurers Association (NIA), former Council Member of NIA, and was once a facilitator in AIO speaking on Life Assurance in the West African Region.
He brings over 30 years quality experience to the company with competence ranging from micro-insurance, enterprise risk, strategic business development, insurance technical operations, product design & development, and corporate governance.
In the same vein, the Board also approved the appointment of Mr. Peter Ekwueme as Executive Director, Technical Operation. Before his appointment in the current role, he was the Executive Director, Technical Operation FIN Insurance Company Limited. Peter joins the Executive Director Business Development and Chief Client Officer, Mr. Chidiebere Nwokeocha along with the new MD/CEO, Mr. Stephen Alangbo, to form the dynamic trio of key decision makers leading the company.
In a media briefing on Tuesday, Alangbo said, “Cornerstone Insurance is a perculiar organisation and to get to a leadership of Cornerstone comes with alots of expectations knowing fully well that cornerstone Insurance revolutionalise insurance company in 1960s, so am coming with alots of visions and meeting expectation and one of the key agenda is to build competent peoples, we want to improve in capacity building and to ensure that we have a company we can talk about like cornerstone insurance.
“We are innovative, creative and differentiating herself in insurance industry.”
He added that cornerstone insurance is ready to build people who are competent and happy with the organization and company so that we will be able to have good care for them
He concluded that the company is exploring competency to ensure they have technology that will support the vision while also indicating readiness to partner with government.