NNPC Appoints Allianz, Custodian Assets’ Underwriters

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

Custodian & Allied will lead its oil assets and liabilities cover for the period, while Allianz Nigeria will lead its non – oil assets cover during the same period.

The appointment, which took effect from April 1, 2020, would last for one year and terminate on March 31, 2021.

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

The appointment followed the submission of bids by different underwriters and brokers, last year.

Custodian, a leading insurance company with extensive experience in oil and gas underwriting has at various times in the past led the consortium.

The Group Managing Director of NNPC, Mele Kyari, had said selection of brokers and insurance companies for coverage of its assets and nonassets risks for the 2020/2021 business year would be strictly based on track record and service excellence.

Kyari, had further said the evaluation and selection process was transparent and accountable in keeping with the corporation’s Transparency, Accountability, and Performance Excellence (TAPE) agenda.

He had assured that there would be a level playing field for all the bidders to guarantee the emergence of the best among them based on their respective track record and commitment to excellence.

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