Cornerstone Insurance Appoints Stephen Alangbo as MD/CEO

  Cornerstone Insurance Plc has announced the appointment of Mr. Stephen Alangbo as the company’s new Managing Director/Chief Executive Officer effective 3rd July 2023. Mr. Alangbo succeeds Mr. Ganiyu Musa, the outgoing Group Managing Director of the underwriting firm.

The Board has also approved the appointment of Mr. 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. Peter joins the Executive Director Business Development/Chief Client Officer, Mr. Chidiebere Nwokeocha along with the new MD/CEO, Mr. Stephen Alangbo, to form the dynamic trio of key decision makers leading the company.

In the recently concluded Annual General Meeting (AGM) held in Lagos, the Chairman of the Board Mr. Segun Adebanji said. “Following compliance with the succession policy of the company and NAICOM circular on CEO tenure, the Board has approved the appointment of Mr. Stephen Alangbo, the Executive Director, Technical Operation as the substantive MD/CEO. The approval of the National Insurance Commission (NAICOM) has been obtained for the appointment. The appointment articulates our commitment to deliver positive results to our shareholders, and employees, even as we strive to return greater value to our customers”, he added.

Stephen Alangbo was appointed to the Board of Cornerstone Insurance in 2022 as the Executive Director Technical Operations after a year stint in the same position in Tangerine Life Insurance Limited. He was part of the management team responsible for the tremendous increase in Cornerstone’s performance in 2022, with a group GPW of about N25bn representing 13% growth in PBT. He has served as Managing Director in various organizations in the insurance industry within and outside Nigeria. He was MD/CEO Capex Life Assurance Company Limited Kenya, MD/CEO Capital Express Assurance Liberia Limited, and Managing Director of ARM Life PLC. Stephen was the past Chairman of Life Offices Committee (LOC) of Nigeria Insurers Association (NIA), former Council Member of NIA, and was once a facilitator in AIO speaking on Life Assurance in the West African Region. He brings over 30 years quality experience to the company with competence ranging from micro-insurance, enterprise risk, strategic business development, insurance technical operations, product design & development, and corporate governance.

Stephen obtained his B.Sc. (Mathematics with Statistics) from the University of Lagos and his MBA from the ESUT Business School, Enugu. He has undergone various training both locally & internationally and received several awards for his outstanding performance both in school and out of school. He is also an Associate Member of the Chartered Insurance Institute of Nigeria (CIIN).

Peter Ekwueme joined Cornerstone Insurance in 1995 as a Graduate Trainee and worked in various capacities where he rose to become the General Manager and Divisional Head, Institutional Business responsible for sales and operations of the Special Risk unit, Lagos, Northern, Southern and Western Region. He has over 28 years of insurance experience in Sales and Marketing Management, Technical functions covering underwriting, claims management and reinsurance operations.

Peter holds a bachelor’s degree in agriculture from University of Agriculture Makurdi {formerly UNIJOS, Makurdi Campus and a master’s in business administration from Delta State University Abraka. He has attended various courses locally and abroad including Advanced Management Course on Sales Force Performance Management at Kellogg School of Management, Illinois, Chicago, USA. He is an alumnus of the prestigious Kellogg School of Management, Lagos Business School, and an Associate member of the Chartered Insurance Institute of Nigeria (CIIN).