BrandArena: Stephen Alangbo named new MD/CEO of Cornerstone Insurance

Wednesday 6 September 2023

Stephen Alangbo named new MD/CEO of Cornerstone Insurance

Cornerstone Insurance Plc has named Mr. Stephen Alangbo as its new Managing Director/Chief Executive Officer, effective July 1, 2023. Mr. Alangbo succeeds Mr. Ganiyu Musa, the outgoing Group Managing Director of the underwriting firm.

The Board also approved Mr. Peter Ekwueme's nomination as Executive Director, Technical Operations. Prior to his current position, he was the Executive Director, Technical Operations at FIN Insurance Company Limited. Peter joins Mr Chidiebere Nwokeocha, Executive Director Business Development & Chief Client Officer, and Mr Stephen Alangbo, the new MD/CEO, to form a dynamic trio of key decision-makers heading the company.

Mr. Segun Adebanji, Chairman of the Board, stated during the recently concluded Annual General Meeting (AGM) in Lagos. "In accordance with the company's succession policy and the NAICOM circular on CEO tenure, the Board has approved the appointment of Mr Stephen Alangbo, Executive Director, Technical Operations, as substantive MD/CEO." The appointment has been approved by the National Insurance Commission (NAICOM). "The appointment demonstrates our commitment to delivering positive results for our shareholders and employees while also striving 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 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 24 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).

Cornerstone Insurance was incorporated on July 26,1991and quoted on the Nigeria Stock Exchange in 1997 to conduct insurance business in a professional, ethical and customer-focused manner.

The company is licensed and re-certified by NAICOM to underwrite both general and life insurance businesses.

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