Allianz Nigeria, Custodian & Allied to lead underwriters in NNPC insurance cover

The Nigerian National Petroleum Corporation (NNPC) has appointed Allianz Nigeria, and Custodian & Allied as lead underwriters for its insurance cover in the 2020/2021 business year.

While Custodian & Allied will lead the oil assets and liabilities cover for the period, Allianz Nigeria will lead the non–oil assets cover for the corporation.

The appointment, which takes effect from April 1, will last for one year.

Worldmark Insurance Brokers and Hogg Robinson Nigeria were retained as brokers for the oil corporation insurance risks.

The appointment followed the submission of bids by various underwriters and brokers, since last November 12.

Custodian, a leading firm in the oil and gas underwriting, has at various times led the consortium.

Feelers from other industry practitioners allude to the fact that this year’s NNPC bid was adjudged the best.

NNPC had said selection of brokers and insurance firms for coverage of its assets and non-assets risks for the 2020/2021 business year would be based on track record and service excellence.

The Group Managing Director of NNPC, Mele Kyari, said the evaluation would be transparent in keeping with the corporation’s Transparency, Accountability, and Performance Excellence (TAPE) agenda.

He pledged a level- playing field for the bidders to guarantee the emergence of the best among them based on their track record and commitment to excellence.

He stated that NNPC was desirous of engaging reputable and competent brokers that could provide exceptional valuation and insurance services to sustain its drive for excellence service delivery.

He called on the brokerage firms that bidded to be wary of anyone who would promise to help them win as the corporation does not operate in such a shady manner.

A total of 251 firms, including brokers and underwriters, were said to have submitted bids for oil assets while 253 firm submitted bids for non-oil assets.

Attempts to reach Custodian and Allied Insurance Managing Director, Toye Odunsi, to comment on the development proved abortive.

Also, Allianz Nigeria officials could not also be reached for confirmation.