The insurance firms Insurance Limited and Heirs Life Assurance have announced new appointments to top leadership roles as well as a change in Heirs Insurance Limited’s corporate name.
Heirs Insurance Limited will now be known as Heirs General Insurance Limited, the company announced in a statement on Monday.
Wole Fayemi has been appointed by Heirs General Insurance to the position of Managing Director and Chief Executive Officer, effective as of Tuesday.
Wole Fayemi has worked in the Nigerian insurance sector for more than 20 years. He held the position of Executive Director, Technical, at Old Mutual General Insurance prior to joining HGI, where he oversaw the operations team’s strategic direction, led the operations team to achieve top-line growth, and reorganized the structural re-alignment of processes for greater efficiency.
Wole said, “It is a privilege to take on this position,” in response to the new appointment. The Heirs Holdings Group’s track record in business and the considerable contribution Heirs General Insurance is making to the sector have always captivated me. I’m excited to assume this leadership role and guide the business toward its upcoming goals”.
Tony Elumelu, Chairman of Heirs Holdings, the parent company of Heirs Life and Heirs General Insurance, commented on the appointment, “Wole’s experience and vision for the insurance business coincide with HGI’s goal. He is the ideal leader for Heirs General Insurance’s upcoming phase of corporate growth, in my opinion. His extensive knowledge of the insurance sector and superb business development abilities will be crucial to the company’s future, fostering corporate growth and transforming it into a 21st-century insurer”.
The appointment of Tosin Bayo-Yusuf to the role of Executive Director/Chief Operating Officer was also disclosed by the Board of Directors of Heirs Life Assurance. Wasiu Amao, the former Executive Director, Technical, retired after Tosin’s appointment.
Tosin Bayo-Yusuf has worked in the Nigerian insurance sector for a total of 17 years. She started working with Heirs Life in 2021 and has since held a number of executive positions, including Head of Individual Life Operations and Head of Bancassurance, where she promoted the bancassurance alliance with United Bank for Africa. She will assist Niyi Onifade, MD/CEO of Heirs Life, in running the business.
The businesses, which were established in 2021, provide innovative, customer-friendly goods and services that democratize access to insurance and make it easier to obtain.
To increase insurance penetration throughout Nigeria and redefine the insurance experience for millions of Nigerians, Heirs General, and Heirs Life firms have reaffirmed their commitment and support to their regulators, the National Insurance Commission. Both businesses are divisions of Heirs Holdings, a pan-African investment firm with operations in twenty different nations.
