The board and management of Intercontinental Wapic Insurance Plc have changed the company’s name to Wapic Insurance Plc consequent upon Access Bank Plc’s assuming the controlling interests in Wapic.
The company also unveiled a new visual identity.
At a media briefing to announce the change in Lagos, Managing Director of Wapic, Mr. Segun Balogun said that shareholders of the company unanimously resolved, at the 53rd Annual General Meeting to revert to the name Wapic. The change of name also applies to the subsidiaries, Wapic Life Assurance Limited (formerly Intercontinental Wapic Life Assurance Limited) and Wapic Insurance (Ghana) Limited (formerly Intercontinental Wapic Insurance (Ghana) Limited), Balogun said.
He said “The return to heritage is a wholesome change; giving rise to a modifications in our visual identity revision along with adjustments in our corporate philosophy. The thrust of the Company’s new philosophy is the vision to become the most respected insurance company in Africa.
The ideals of respect speak to a culture of quality service, ethical and sustainable business practices and professionalism. It also connotes a commitment to the highest level of value to shareholders and host communities. Wapic has returned to these age-long ideals and is poised to redefine the business of insurance across Africa.”
Balogun said that the company’s business model has been refined to engender higher levels of efficiency and transparency, adding “The Company’s alignment with its heritage further positions the company to deliver first-class risk management services across markets.”
In his welcome address, Deputy Managing Director of Wapic Mr. David Aluko said that earlier in the year, Access Bank Plc completed the merger and acquisition with Intercontinental Bank and this consequently makes Intercontinental Wapic Insurance Plc one of the subsidiaries of Access Bank Plc.
Aluko said “Reputed as one of Nigeria’s oldest and most established insurance companies; with presence in the key commercial and industrial centres of the country and a clientele spanning various sectors of the economy, Wapic has a distinguished history of providing innovative and client-focused insurance services to individuals and corporate clientele.”
Executive Director, Access Bank plc, Mr. Taukeme Koroye said “We recognised the unique brand value inherent in the company’s over 50 years impressive track-record of delivering efficient and transparent insurance services to Nigerians, hence our reverting to the company’s original name. The values demonstrated by the company as Wapic Insurance Plc align with our vision of transforming the company into Africa’s most respected insurance company.
“As one of Nigeria’s oldest insurance companies, Wapic Insurance has built enviable expertise in risk management and actuarial services.