Ujoatuonu: Universal Insurance, Leader in Bond, Guaranty Insurance
The Managing Director/Chief Executive Officer, Universal Insurance Plc, Dr. Benedict Ujoatuonu, has said that his company was one of the leading underwriters of Bond and Guaranty Insurance business in Nigeria.
He stated this at the 2023/2024 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) held at Insurers House, Victoria Island, Lagos recently.
While highlighting some of the things that made Universal Insurance thick, Ujoatuonu listed Bond and Guaranty Insurance, Local Travelers Insurance and Keke PASS Insurance as flagship products, technology adoption, and digitisation of its retail operations from end to end, amongst others.
According to him, Universal Insurance is one of the Companies in this market that is known and has expertise in Bond and Guaranty Insurance.
“We are one of the few Companies that profitably underwrite Bonds and Guaranty. Other people, even our reinsurance people, usually ask ‘how are you doing it? The reason is simple, it was a deliberate thought-out strategy from the beginning” he stated.
Explaining further he said, “I was a thoroughbred underwriter that has a focus on Bond and Guaranty Insurance. When I saw that a lot of Insurance Companies were running away from that business, we sat down, as a company, to look at what we could do to make this class of business profitable, we did it and it has been working for us. So one of the things you see is that when the new administration was inaugurated and government contracts started coming out, the simplest business that was coming out from there was Bond and Guaranty Insurance and we took advantage of it and it is giving us the required value,” he added.
On the flagship of the Company’s retail products, and how technology is driving its retail segment, he said, “We have local travellers insurance and Keke PASS Insurance where we are having collaborations with some groups and that is also driving other areas,” he explained.
