OLUTAYO BOROKINI APPOINTED CHAIRMAN, NIGERIAN LIABILITY INSURANCE POOL

23rd February, 2011


PRESS RELEASE


OLUTAYO BOROKINI APPOINTED CHAIRMAN,
NIGERIAN LIABILITY INSURANCE POOL

The Nigerian Liability Insurance Pool has announced the appointment of Mr. Richard O. Borokini, Managing Director of Royal Exchange General Insurance Company (REGIC) as its new Chairman.

The Liability Insurance Pool, which is a consortium of ten leading insurance companies in Nigeria namely, Crusader, Leadway, Intercontinental Wapic, Cornerstone, Royal Exchange, Law Union, Niger, Equity Assurance, AIICO and LASACO, was formed when the companies came together to cede part of their risk into a pool in order to create additional capacity. 

In his maiden statement, the Chairman emphasized the need to create more awareness on the nature and benefits of the Nigeria Liability Insurance Pool, “We shall dedicate our energy to expanding the scope of our activities and creating more awareness so as to enlist more members in the future”, Mr. Borokini said.

Mr. Borokini is an alumnus of the Universities of Ife and LASU, where he read Sociology and Law respectively and was called to the Nigerian Bar in 1990. He is an associate member of the Chartered Insurance Institute of London and a member of the Chartered Insurance Institute of Nigeria. A respected insurance practitioner; he has published various articles on insurance liability and is a facilitator at the Nigeria Insurers Association Training School.

Presently, the Liability Pool, is one of the few pooling arrangements still operational in the insurance industry in Nigeria and has an annual turnover of over N500 million.

For more information, please contact:

Corporate Affairs Department
Royal Exchange Plc

34/36 Oshodi-Apapa Expressway
Oshodi, Lagos
Phone:  01 7939432
Email:  Austin.Agbareh@royalexchangeplc.com or
Wilson.Okoh-Esene@royalexchangeplc.com
Web:  www.royalexchangeplc.com