Stephen Alangbo Now MD/CEO Of Cornerstone Insurance
L-R: Executive Director, Business Development & Chief Client Officer, Mr. Chidiebere Nwokeocha; Managing Director/Chief Executive Officer, Mr. Stephen Alangbo and Executive Director, Technical Operations, Mr. Peter Ekwueme, at a media chat in Lagos on Tuesday, September 5, 2023.
Cornerstone Insurance Plc has announced the appointment of Mr. Stephen Alangbo as the company’s new Managing Director/Chief Executive Officer.
The appointment of Mr. Alangbo who succeeds Mr. Ganiyu Musa, the outgoing Group Managing Director of the underwriting firm took effect from 3rd July 2023.
Disclosing this at a media parley at the Company’s Head Office in Lagos, the management said the Board has also approved the appointment of Mr. Peter Ekwueme as Executive Director, Technical Operations.
Before his appointment in the current role, Peter was the Executive Director, Technical Operations FIN Insurance Company Limited. He joins the Executive Director Business Development & 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 the recently concluded Annual General Meeting (AGM) held in Lagos, the Chairman of the Board Mr. Segun Adebanji said. “Following compliance with the succession policy of the company and National Insurance Commission (NAICOM) circular on CEO tenure, the Board has approved the appointment of Mr. Stephen Alangbo, the Executive Director, Technical Operation as the substantive MD/CEO.
”NAICOM has approved the appointment. The appointment articulates our commitment to deliver positive results to our shareholders, and employees, even as we strive to return greater value to our customers”, he added.
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 N25bn representing 13% growth in PBT.
He has served 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 of 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.
Stephen obtained his B.Sc. (Mathematics with Statistics) from the University of Lagos and his MBA from the ESUT Business School, Enugu. He has undergone various training both locally & internationally and received several awards for his outstanding performance both in school and out of school. He is also an Associate Member of the Chartered Insurance Institute of Nigeria (CIIN).
Peter Ekwueme joined Cornerstone Insurance in 1995 as a Graduate Trainee and worked for over 28 years in various capacities where he rose to become the General Manager and Divisional Head, Institutional Business responsible for sales and operations of the Special Risk unit, Lagos, Northern, Southern and Western Region.
He has over 28 years of insurance experience in Sales and Marketing Management, Technical functions covering underwriting, claims management and reinsurance operations.
Peter holds a bachelor’s degree in agriculture from University of Agriculture Makurdi (formerly UNIJOS), Makurdi Campus and a master’s in business administration from Delta State University Abraka. He has attended various courses locally and abroad including Advanced Management Course on Sales Force Performance Management at Kellogg School of Management, Illinois, Chicago, USA.
He is an alumnus of the prestigious Kellogg School of Management, Lagos Business School, and an Associate member of the Chartered Insurance Institute of Nigeria (CIIN).
We are Cornerstone Insurance Plc. Incorporated on 26th July 1991 as a private limited liability company and became a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997. Our organization was established to conduct Insurance business in a professional, ethical, and customer-focused manner and has remained committed to these values over the years.
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses and the classes of Insurance business we currently undertake include the following: Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance)
The company’s Issued and fully paid share Capital and Market Capitalization is ₦9.083 billion and ₦10.899 billion respectively as at December 31, 2022, while the Shareholders’ Funds is ₦15.0 billion as at December 2022. The total assets of the company are in excess of ₦70 billion as of Q2 2023 up from ₦50 billion recorded at the end of 2022.
As at end of Q2 2023, the Company paid claims in excess of N4 billion to its policyholders.
At Cornerstone, we remain committed to both our core values of Integrity, Empathy, Professionalism, Innovation and Team Spirit and our continued mission of delivering value beyond expectations through needs-based products and quality service.
