Vanguard Assurance first to enter energy underwriting

Vanguard Assurance Company, the first indigenous insurance company and Best Insurer award winner last year, has debunked the contention that insurers in the country don’t have expertise in energy underwriting.

Gideon Amenyedor, who has just been elevated to the position of Acting Managing Director, told B&FT that staff of Vanguard had acquired the requisite training in oil and gas underwriting.

He said in view of the oil discovery in the country, with eventual full scale production of crude oil in commercial quantity by the second half of next year, the company sent him out for attachment with Cooper Gay Insurance Brokers, the third­ largest brokerage firm based in the United Kingdom for training.

Amenyedor revealed that last year the company had acquired a sizable volume of business in the energy sector. He also disclosed that the company’s performance last year was encouraging.

Premium income rose from GH¢16.5 million to GH¢18.5 million in 2008.

The new Chief Executive also indicated that some of the strong marketing indicators that have worked in favour of the company over the years include the Vanguard Taxi Project, which was instituted in 2003. It has undoubtedly become the best attempt at segmentation and targetting by an insurer in Ghana.

Importantly too, the project seeks to transform the taxi industry in Ghana and to give the taxi driving profession a new image.

Source: B&FT