Cornerstone Insurance Pays N4 Billion Claims To Customers

Cornerstone Insurance Plc has disclosed that it paid over N4 billion claims to its customers in the first six months of the 2023 financial period.

This was revealed while unveiling Stephen Alangbo as its new managing director/chief executive officer in Lagos.

Alangbo succeeds Ganiyu Musa, the outgoing group managing director of the underwriting company.

While giving more details on its unaudited half-year performance, Alangbo said, “We paid claims in excess of N4 billion in June; our premium income was over N15 billion; shareholders’ funds stood at N32.8 billion; and our assets hit N70 billion.”

During the unveiling, the company disclosed that the board also approved the appointment of Peter Ekwueme as executive director, technical operations.

Before his appointment in the current role, he was the executive director, technical operations, FIN Insurance Company Limited.