Taken in perspective, it is easy to assume that there are folks out there who are simply the favourites of heaven and every other power that be. Tony Elumelu is one of such impractically blessed people. Just a few weeks ago, the Heirs Holdings chairman received Belgium’s oldest and most important national honour, becoming ‘Officer in the Order of Leopold.’ Now, with 2021 just over 20 days away, Elumelu has closed the deal for his recently floated insurance companies.
Announcing the good news on his Twitter handle, Elumelu informed the overwhelmed public that the National Insurance Commission (NAICOM) has finally officially issued operating licenses for his Group insurance companies, Heirs Life Assurance Limited (HLA) and Heirs Insurance Limited (HIL), essentially authorising them to begin operations as life insurance and composite insurance firms.
In other words, Elumelu’s Heirs Insurance Limited will offer a full range of insurance services, covering accidents, fires, health, investment, life, and pensions. On the other hand, Heirs Life Assurance Limited will offer premiums in case of death
It is interesting to note that NAICOM placed restrictions on the issuance of insurance licences in 2018, forcing investors to choose between the establishment of either composite (i.e. general) insurance firms or life insurance firms. This might explain why Tony Elumelu and his signature Heirs Holdings have split the insurance group of companies into two.
Notwithstanding, Heirs Insurance Limited has been around since 2015 but did not operate in the general insurance category. Heirs Life Assurance Limited, on the other hand, was only incorporated in February of 2019. With the issuance of their respective licenses, both companies will definitely take the Nigerian insurance sector by storm in 2021.
Much has been accomplished by Elumelu in 2020, much more than anyone person can precisely highlight. However, this just might be the best of all: a new direction for one with an admirable zeal for the development of Africa’s youths and development. Giant strides indeed for a business giant.