Sovereign Trust Insurance appointed into African oil, energy pool

Underwriting firm, Sovereign Trust Insurance plc, has been appointed into the Oil and Energy Insurance Pool of the African insurance market. The company, which has shown strength in oil and gas business over time, joins a 9-member committee to steer the affairs of the pool in the next two years.

This was announced at the 27th Annual General Assembly of African Underwriters in Oil and Energy Insurance at the recently concluded African Insurance Organisation (AIO) conference in Rwanda. 

Sovereign Trust, alongside two other insurance companies in Nigeria and some African insurance companies, will administer the Oil and Energy Pool from 2014-2016. The other companies include Misr Insurance Company from Egypt, Chanas Assurances S.A. (Cameroun), Compagnie Centrale De Reassurance (Algeria), Zeb Re (Kenya), Tunis Re (Tunisia) and Cica Re (Togo). 

Commenting on the development, Wale Onaolapo, managing director/CEO, Sovereign Trust Insurance, said the appointment was in recognition of the company’s expertise over the years in underwriting of oil & gas risks, adding that it further reaffirmed the company’s overwhelming capacity in this very critical sector of the country’s economy and the African continent at large. 

He pledged 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.   

Olaotan Soyinka, general manager and head, technical division, stated that Sovereign Trust Insurance over the years had created an enviable niche for itself in the oil and energy sector and the insurance market as a whole by building capacity and expertise on a continuous basis in that sector.