In the beginning
Industrial And General Insurance Plc (IGI) was first incorporated as a private limited liability company on 31 October 1991 and later re-registered as a public limited liability company in 2007. It commenced business in January 1992 as a composite insurer to transact the business of Life and General insurance, including Pensions and Special Risks. Backed by a strong capital base, first-class professionals and deployment of modern technology, the company quickly established a reputation for exceptional competence and became the preferred insurer for individual and corporate clients seeking premium insurance and related financial services.
Within few years of its existence, the company recorded landmark achievements which underscored its high potentials as a market leader and frontline player in the nation’s insurance industry. IGI made history in 1996 as the first private insurance company in Nigeria to post N1 billion premium income, that is four years after it began operations. In 2004, the company consolidated its leadership position in the industry with a premium income in excess of N4 billion. This was the highest, at the time, by any private insurance company in Nigeria in terms of the volume of business.
From inception, IGI demonstrated exceptional skill and expertise in the underwriting of specialised risks in oil and energy, marine, aviation, engineering and industrial risks management. The reputation earned the company national recognition in 1996 when it was appointed by the Federal Government as the leading member of a consortium of insurance companies to handle the insurance programme of the Nigerian National Petroleum Corporation (NNPC), the government-owned oil exploration and refining company. On account of its remarkable performance, the IGI-led consortium was reappointed for 1997 and 1998. IGI also participated actively in the insurance programmes of foreign oil companies operating in Nigeria.
In 2005, IGI launched the African Expansion Programme which marked the beginning of the company’s foray into the African insurance market. This initiative led to the acquisition of 60% majority shareholding in the National Insurance Corporation (NIC), Uganda, after a competitive international bidding exercise. This ground-breaking feat was followed by similar investments in Sonarwa and The Gamstar, the largest insurance companies in Rwanda and the Gambia respectively, where IGI has the controlling shares. Until recently when it undertook strategic restructuring of its assets, IGI had diversified investment interests in telecommunications services, banking, engineering services and healthcare delivery services, among others.
The Visionary Founder
The success story of IGI was grounded in the lofty ambition of the founder, Mr. Remi Olowude (1951-2014), a distinguished insurance professional reputed for revolutionising the insurance industry in Nigeria. His career vision was “to preside over a dynamic, merit-driven and globally focused institution that provides quality service and is engaged in the pursuit of excellence through strategic deployment of technology and human capital resources for optimal attainment of organizational goals.” Olowude pursued his dream with doggedness and precision. He began with the establishment of IGI which instantly became the preferred choice in the nation’s industry. Olowude’s brilliance, courage, entrepreneurial acumen and innovative management style attracted some eminent Nigerian statesmen who teamed up with him as founding members of the Board of Directors. They include: former Head of State, General Dr. Yakubu Gowon (Chairman); former Director-General, Nigerian Stock Exchange, Apostle Hayford Alile; the late frontline businessman and lawyer, Chief Gaffar K. Animashawun; the late former Governor of the Central Bank of Nigeria, Mr. Ola Vincent, and the past Attorney-General of the defunct Western Region of Nigeria, Dr. Lateef Adegbite, also of blessed memory. Before he passed away on 27 September 2014, Olowude was the Executive Vice Chairman of IGI Plc.
Today, Olowude’s vision of Africa’s economic integration has crystalized with IGI pioneering Nigerian insurance and banking investments in Uganda, Rwanda, Ghana and The Gambia. Besides flying Nigeria’s flag in East Africa, the company operates an extensive branch network across Nigeria as well as representative offices in the United Kingdom.
IGI has gained the confidence of discerning individual and corporate clients who value premium risk and benefit-related services. Our cutting edge processes and exceptional response time help us to meet the growing needs of clients in diverse sectors, including banking, oil and energy, manufacturing, engineering, marine and aviation as well as government establishments. Our strategy is to continue to maintain our competitive advantage and build on our blue-chip clientele year on year.
We continually invest in and deploy the latest in
Information Technology. This we do to stay ahead of competition in our response
time and in the provision of first-rate services tailored to meet the specific
requirements of our clientele. The IGI website, www.iginigeria.com,
is structured to facilitate online quotation and payment, policy
administration, policy queries and brokers’ portfolio management to guarantee
seamless operations and processes. We shall continue to re-engineer our core
functions with top-of-the-range IT packages to ensure greater efficiency in
Corporate Social Investment
IGI has a rich tradition of good Corporate Citizenship deriving from the company’s consistent sponsorship and promotion of sports, support for government and non-governmental organisations, educational institutions. It also supports causes which promote the values of good citizenship, youth development and healthy living. As a corporate culture and policy, we always align our development and growth with our obligations to communities where we do business. In particular, IGI has carved a niche as Nigeria’s leading sports sponsor and promoter in the insurance industry. The company provides opportunities for talented youths to hone their skills in football, athletics and other games. It is in recognition of its role in sports development that IGI was appointed the Official Insurer of all the national football teams in Nigeria, which include the Super Eagles, Flying Eagles, Under-23, Under-17 and the Falcons.