Prestige Assurance Appoints Executive Director, New MD
Umoru Abdulkadir
The management of Prestige Assurance Plc on Monday notified the Nigerian Stock Exchange (NSE) and the general public of the appointment of Mr Sarberswar Sahoo as its new Managing Director following the exit of Mr. Bella Swamy.
The announcement which was disclosed in a statement from the Company and signed by the Company’s Secretary, Abayomi Odulana, also announced the appointment of Mr.Vadlamudi Raja as a new Executive Director.
The new MD, Mr Sahoo comes with a massive wealth of experience in the insurance industry having joined the services of The New India Assurance Company Limited in 1988. While there, he worked in various locations in India across different capacities and different departments including Accounts, Claims, Personnel and various aspects of branches, divisions as well as regional operations.
Before his new position, Sahoo was the Regional Manager in charge of Bhubaneswar Regional Operations.
According to the statement, “with 27 years’ experience in General Insurance Industry and having undergone different professional pieces of training across various aspects of Insurance, he is the right person to take charge of the company at this crucial stage.”
Posted to Prestige Assurance Plc as a General Manager Risk Control in November 2015 to oversee operations, marketing, underwriting as well as claims, he holds a Master’s degree in Commerce and a Master’s in Business Administration (Finance & Marketing). He is also a Fellow of the Insurance Institute of India (FII).
Mr. Raja, on the other hand, started his career with the New India Assurance Limited in 1987 having obtained a Master’s Degree in History from Acharya Nagarjuna University, Guntur.
With over 28 years’ experience in Insurance Industry as a Branch Manager, Divisional Manager, handling marketing, Claims management, Accounts, Underwriting, he joined Prestige Assurance in March 2016.
A Fellow of the Insurance Institute of India, Raja has conducted different pieces of training for marketers and headed specialized Agents Branch in Visakhapatnam as a Branch Manager.
Prestige Assurance Plc is one of Nigeria’s leading general insurance company with offices nationwide. Primed with over 65 years of undisputable insurance services, and a commitment to creating long-term value for its clients and stakeholders through strong business fundamentals, consistent with our mission guided by our vision and directed by our company’s core values.
Established in 1952 as a branch office of The New India Assurance Company Limited, Mumbai. Prestige Assurance was incorporated as a limited liability company on 6th January 1970 and licensed to write all classes of Non-life insurance in Nigeria. Prior to its incorporation, the company has operated like a branch office of The New India Assurance Company Limited Mumbai, the largest general insurer in Afro-Asian region with presence in over 28 countries and ‘A-‘ Excellent Positive outlook rating by A.M. Best Company of USA for eighteen years.
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