ADDRESSED BY EDDIE EFEKOHA

PRESS CONFERENCE ADDRESSED BY MR. EDDIE EFEKOHA, CHAIRMAN MR. BOLA TEMOWO PRESIDENTIAL INVESTITURE COMMITTEE & CHAIRMAN EDUCATION COMMITTEE ON TUESDAY 20TH MAY, 2014

PROTOCOLS

I am delighted by the opportunity to address you on two major events of the Institute which constitute the series of events commencing from Tuesday 17th to Thursday 19th June, 2014 at the Federal Palace Hotel, Victoria Island, Lagos.

The events are:

1.   The International Education Conference opening on Tuesday 17th, June, 2014 at 6.00pm with the Welcome Cocktails and proceeding on Wednesday 18th June, 2014 with the Conference business proper.

2.   The Investiture of Mr. Bola Temowo as the 46th President of the Institute on Thursday 19th June, 2014, commencing at 1.00pm at the Federal Palace Hotel, Victoria Island, Lagos.

Preparations for these events are in top gear. This Press Conference is mainly to avail you of the major highlights as well as solicit your co-operation in giving the events due coverage and the required publicity.

THE CONFERENCE

The theme of the Conference; “Redimensioning the Insurance Industry Contributions to the National Economy” was selected following due consideration of the Rebasing of the National Economy which catapulted Nigeria to becoming Africa’s largest economy, a development which is bound to havepositive effects across all sections of the economy, including Insurance. The Conference is therefore an ample opportunity for insurance operators to periscope the opportunities inherent in the new scheme of things.

The theme paper will be delivered by Dr. Ayo Teriba, CEO Economic Associates Nigeria. His paper will be discussed by a panel of eminent speakers.

The sub-theme topic: “Paradigm Shifts in Insurance Education for Greater Relevance”, will highlight issues in continuous professional education, bridging public education gaps, the imperatives for competency audits and effective succession planning among others. The paper will be delivered by Prof. Sola Fajana, Vice Chancellor, Joseph Ayo Babalola University (JABU).

The annual Education Conference has remained a veritable platform for the exchange of views on topical issues pertinent to the growth and development of the Insurance Industry. This year’s edition will be no exception.

The Education committee is a committee of the Institute’s Governing Council, with responsibilities for planning and ensuring the success of the yearly Conference. The members are:

     I.        Mr. Eddie Efekoha          -        Chairman

   II.        Mr. Wale Onaolapo

  III.        Mrs. Yetunde Adenuga

 IV.        Mrs. Funmi Babington-Ashaye

   V.        Lady Isioma Chukwuma

 VI.        Mr. S.O Oyefeso

VII.        Mr. Shola Tinubu

VIII.        Mr. Gbenga Olawoyin

 IX.        Chief Theo Eke

   X.        Mr. Bayo Samagbeyi

 XI.        Mr. Kola Ahmed

(You will be availed copies of the flyers for more details).

THE INVESTITURE

The investiture of Mr. Bola Temowo is slated for Thursday 19th June, 2014 in the External Ballroom of the Federal Palace Hotel, Victoria Island, Lagos.

Mr. Temowo’s Investiture is coming a year after that of Mr. F.K Lawal, who opted for a one-year tenure and has made a huge success of it in respect of his focus on the Promotion of Insurance Education In Nigeria.

The 2014 Investiture ceremony will be a departure from what is now a tradition i.e. it will commence at 1.00pm as against 7.00pm as you are familiar with. The change is part of a new reasoning guided by our appraisal of previous editions held during the night. An Investiture Luncheon as against an Investiture Dinner will guarantee:

Ø  More quality attendance by persons who ordinarily would not venture out at night.

Ø  It would necessitate less hurry and more finesse.

Ø  And above all, fit into the present National consciousness concerning security.

Chief Segun Osunkeye, former Chairman, Nestle Nigeria Plc will be the Chairman of the Investiture Ceremony. His Excellency, Senator Ibikunle Amosun, Executive Governor of Ogun State will be the Special Guest of Honour. The occasion will be graced by chieftains and captains of the Insurance and Financial Services industry as well as dignitaries from all walks of life.

The Investiture Committee is working relentlessly to ensure success of the event. The members are:

     I.        Mr. Eddie Efekoha          -        Chairman

   II.        Mr. Shola Tinubu

  III.        Mrs. Funke Adenusi

 IV.        Mrs. Femi Ogun

   V.        Sir M.O Oyegunle

 VI.        Mr. Peter Olusanya

VII.        Mr. G.U.S Wiggle

VIII.        Mr. Kola Ahmed

The incoming President is someone you all know so well. Mr Bola Temowo is currently Deputy President and has worked in close partnership with Mr. Fatai Kayode Lawal. He joined the Institute’s Governing Council in 2002 and has remained committed ever since. His penchance for excellence has led him this far and, there is little or no doubt that he is poised for a fulfilling tenure as the 46th President of our Great Institute. Bola Temowo is the Managing Director of International Loss Adjusters Ltd, a leading Loss Adjusting firm in Nigeria. Prior to joining International Loss Adjusters, he had successful stints with Hogg Robinson Nigeria, Crusader Insurance and the defunct ACEN Insurance.

For greater details on the incoming 46th CIIN President, the following Profile will suffice:

PROFILE OF MR. BOLA TEMOWO

Mr. Bola Temowo hails from Ijebu-Igbo in Ogun State of Nigeria. He was born in Lagos, present day Lagos State of Nigeria 53 years ago to the family of Late Mr. Amos Oyewole Temowo and Mrs. Mercy Taiye Temowo both of whom raised the young Bola Temowo under strict parental guidance. Pa Temowo was an alumnus of Oduduwa College Ibadan and his aged mother, an alumnus of the prestigious Queen’s College, Lagos. Both parents studied and practiced insurance as astute professionals.

Mr. Bola Temowo began his educational sojourn at Sacred Heart Private School Ring Road, Ibadan. He had his Secondary education at St. Patrick’sGrammar School, Ibadan and completed his A’ levels at Igbobi College, Yaba in Lagos in the year 1979.

Bola Temowo proceeded to the University of Lagos, having gained admission in 1979 to study History. He bagged the Bachelor of Arts with honours in 1982 and Masters of Public Administration (MPA) in 1984 from the same university.

With an academic bedrock in history, Temowo’s passion was to be like his uncle, Professor Ade Adefuye who then held a Doctor of Philosophy (Ph.D.) in history and lectured in the Department of History at the University of Lagos. But fate was to change the course of events when in 1982 the young Bola had to commence his National Youths Service at Hogg Robinson Nigeria, a frontline Insurance Broking firm. His father had asked him to see Mr. Amos Adeyeye, helmsman at Hogg Robinson for his NYSC primary assignment and that made a whole difference in his hitherto chosen path to be an academic. From Hogg Robinson, he proceeded to Crusader Insurance in 1986 and then felt the strong urge to become professionally qualified by sitting for and qualifying as Associate of the Chartered Insurance Institute (ACII) London in 1989 and Fellowship of the London Institute in 1996.

An Insurance professional to the core, Bola Temowo remained resolute on making a success of his career. From Crusader Insurance, he moved to T.A. Braithwaite Insurance Brokers as a Senior Broker in 1990 and later an Assistant General Manager (AGM). He left T.A. Braithwaite in 1992 with a sound footing in Insurance Broking. Temowo attributed this to the Trust and free-hand given to him by the Doyen of Insurance, T.A. Braithwaite to whom he also owes much of his career experience which helped in shaping his professional life. From T.A. Braithwaite to ACEN Insurance Ltd in 1992, Bola Temowo’s career had snowballed into an impeccable one, attaining the position of Deputy General Manager before exiting in 1995 to join International Loss Adjusters Ltd on the demise of his father.

Bola Temowo’s path to Presidency of the Chartered Insurance Institute of Nigeria is paved by a consistent and committed membership of the Institute which includes a record of meritorious service as:

Ø  Member and later Chairman of the Offices Representatives’ Committee (ORC).

Ø  Member, Governing Council of the Institute, initially as co-opted member being the then Chairman of the ORC and later as an elected member from 2002 till date.

Ø  Chairman, Activities Committee

Ø  Chairman, Education Committee

Ø  Deputy President, CIIN

Ø  Chairman, Board of the College of Insurance and Financial Management

Mr. Bola Temowo’s watch-word has remained Professional integrity which he says is a quality he also respects in his late father throughout his professional life as a Loss Adjuster.

Temowo is Vice President, African Region for the International Institute of Loss Adjusters, and a Fellow of the International Federation of Adjusters Association.

In light of all of these, it is not surprising that Chieftains and Captains of the Insurance industry attest to his sterling qualities and suitability for the new task awaiting him when on the 19th of June, 2014 he is invested as the 46th President of CIIN. He will then bring to bear, the craftsmanship of a painstaking Underwriter, Broker and Loss Adjuster and, above all, the mien of a selfless and unassuming achiever.

Although, a press-shy person, there will be no hiding place for the Goldfish.

Bola Temowo will emerge distinctive as the only serving Loss Adjuster to be invested as CIIN President come Thursday June 19, 2014.

Temowo says he would not write his life history without giving credit to the following persons who he regards as his role models. They are:

Ø  Prof. Ade Adefuye

Ø  Alhaji & Alhaja Odunsi

Ø  Mr. Amos Adeyeye and

Ø  Mr. T.A. Braithwaite.

Each of them, at stages of his life, contributed in shaping his development into the Bola Temowo we are celebrating today.

In all of his successes as a professional, Bola Temowo is also a fulfilled family man. He is married to Mrs. Sola Temowo (Nee Agboola) whom he describes as his soul mate, with a 100% support for him in all his endeavours. They are blessed with two lovely children, Anjolaoluwa and Oluwatooni.

His hobbies include Golf, Table Tennis and Reading.

He is a member of the following social and recreational clubs:

Ø  Lagos Country Club, Ikeja.

Ø  Ikeja Golf Club ( He is a past Secretary of the Club)

Ø  Ikoyi Club 1938

Ø  Abeokuta Golf Resort

Distinguished members of the press, you will be part of the robust publicity package as we advance in the course of time.

Please note that we welcome constructive suggestions on how best to achieve the optimal in this regard.

Thank you for your attention and God bless.

EDDIE EFEKOHA

RSA To Sell Canadian Brokerage Unit Noraxis For $460 Million

British insurer RSA Insurance Group Plc (RSA.L) said on Monday it had reached agreement to sell its majority-owned Canadian brokerage business - Noraxis Capital Corp - to U.S. insurance brokerage Arthur J. Gallagher & Co (AJG.N) for C$500 million ($460.60 million).

One of the top 100 insurers on the FTSE said in a statement it expects to receive cash consideration of C$441 million ($406.25 million) subject to closing adjustments on completion.

The acquisition, which is subject to regulatory approval, is expected to close in July and to result in a gain of approximately 140 million pounds ($235 million).

Upon the completion of the transaction, Gallagher will hold approximately 87 percent of the equity interests in Noraxis, while 13 percent will continue to be owned by various management employees of Noraxis.

"This disposal represents further progress against our aim of tightening the strategic focus of the Group, and brings to around 540 million pounds the announced sales since our new strategy and action plan was unveiled in February," RSA chief executive Stephen Hester said in a statement late Monday.

He added that the group "would continue to evaluate further non-core disposals, some of which it expect to agree during 2014."

The transaction is expected to add approximately 225 million pounds to RSA's tangible net assets, improving the group's capital strength, the insurer said.

Under its financial restructuring plan, RSA announced the sale of three Baltic businesses and one Polish operation in April.

The troubled UK insurer has been seeking to boost its capital base by up to 1.6 billion pounds ($2.7 billion) after it was hit by a series of weather-related claims and an accounting scandal at its Irish unit.

"By adding Canada to our recent expansion in Australia, New Zealand and the U.K., we are now well positioned in those countries to replicate our successful acquisition strategy..," J. Patrick Gallagher, chief executive of New York-listed Gallagher's said in a presentation on its website.

Noraxis, founded by RSA Canada in 1999, provides commercial, personal and employee benefits services on a retail basis.

(Reuters)

Japan's $1.26trn Pension Faces Overhaul As Abe Reforms Drive Riskier Bets

Prime Minister Shinzo Abe is moving to shake up oversight of the world's largest pension fund, expanding the board and giving it new power to steer a shift out of Japanese government bonds and into higher-yielding assets, according to two people with direct knowledge of the matter.

Officials are considering a proposal to add two or three dedicated professional advisors to the committee that oversees investment at the $1.26 trillion Government Pension Investment Fund (GPIF). They would play a key role in reforming a fund that's bigger than the economic output of Mexico with the power to influence markets as Abe presses policies to spur growth.

The beefed-up GPIF committee could be given new, broader powers that would make it the final arbiter for how the Japanese pension fund invests its money, according to the people, who asked not to be named because the policy measures remain under discussion.

The existing investment committee comprises academics and economists, with a representative from Japan's trade union federation and one from the main business lobby. Its current role is restricted to advising the fund's president.

The proposed reforms would help shift GPIF towards riskier investments like stocks and away from low-yielding Japanese government bonds. Supporters of the reform say targeting higher returns would benefit future pension recipients in Japan's ageing population and drive economic growth.

A spokesman for GPIF said the fund would not comment on matters under consideration as a matter of policy.

MATCHING PEERS

Earlier this month, Abe told a dinner hosted by the City of London that reform of GPIF was under way and that the fund was "making improvements".

Last June, GPIF lowered its allocation target for domestic bonds and raised its target for stocks as part of a bid to achieve higher returns. In March, the fund was given a target of hitting a return of 1.7 percentage points over wage increases.

Taken together, GPIF has already seen more changes in the past year under Abe than it has since its establishment as a public fund in 2001.

As part of those changes, a person with knowledge of the process said GPIF's investment committee has formed a four-member working group headed by Sadayuki Horie, a senior researcher at Nomura Research Institute, that has been tasked with a review of its allocation targets over the next two to three months. Horie declined to comment.

As it reforms GPIF, Abe's government is betting that it can give up a back-pocket means of financing Japan's government debt, now over 200 percent of GDP and the largest in the industrialized world.

GPIF currently holds 60 percent of its assets in Japanese government bonds, but the Bank of Japan now buys up most new debt issued by Japan's government as part of an aggressive monetary easing.

"Debate is already proceeding and we've indicated a direction for GPIF in moving out of JGBs and into risk assets like stocks, REITs and infrastructure funds," Japan Vice Minister Yasutoshi Nishimura told Reuters.

The target for reformers has been to make GPIF more like overseas public pensions, like those run by Norway, Canada and the state of California. Those funds all hold more than half of their assets in equities.

At the same time, they are staffed by hundreds of professionals to vet fund managers and monitor performance. The Canada Pension Plan Investment board employs over 900 staff. Japan's GPIF, by contrast, has only about 80 staff.

Fidelity Investments, the private U.S. mutual fund giant, has about $1.9 trillion under management as of April and employs over 40,000 people in North America.

'VERY SIMPLE'

Masahiko Shibayama, a lawmaker in Abe's Liberal Democratic Party who heads the group preparing proposed financial reforms, told Reuters in a recent interview that GPIF's investment committee needed more authority.

"We think it's necessary to reform governance of GPIF," Shibayama said. "I think there needs to be an official process so that the knowledge of specialists can be reflected in decision-making. It's very simple."

Shibayama declined to comment on the specific proposals his panel is preparing, part of a June announcement of Abe's "third arrow" of reforms, referring to the third plank of policies designed to revive the world's third-biggest economy. Among measures expected to be announced are a recommendation for a cut in the corporate income tax level.

Last month, Japan's health ministry, which has a supervisory role for the fund, appointed eight members to the GPIF investment committee. Three of the eight also previously served on a separate Abe-appointed economic advisory panel that recommended increasing the role of financial professionals at GPIF and reducing its reliance on Japanese government bonds.

The proposed reforms add a new note of uncertainty about the tenure of the fund's president, Takahiro Mitani, a former Bank of Japan board member with one year remaining of a five-year term. Mitani declined a request for an interview.

Although Mitani is credited with helping to steer GPIF through its still-developing reform, his tenure is also seen as symptomatic of the passive and bureaucratic approach to fund management that the Abe government is set to change.

One obstacle to hiring full-time fund managers, for instance, has been GPIF's salary structure, which is in line with government ministries. Mitani, who made the equivalent of $192,000 for the year ended March 2012, has been the highest paid fund employee.

GPIF is in the process of selecting a consultant to review its salary and bonus scheme for new and existing staff, a spokesman said. (Reporting by Chikafumi Hodo and Takaya Yamaguchi; Editing by Kevin Krolicki, Edmund Klamann, Kenneth Maxwell and Miral Fahmy).

(Reuters)

Germany Finalises Flagship Pension Reform

German Chancellor Angela Merkel

German Chancellor Angela Merkel's coalition agreed on Monday on the final details of a flagship pension reform to lower the retirement age for some people that economists have warned could hurt Europe's biggest economy.

The coalition parties overcame differences over some details, clearing the way for lawmakers to vote on it on Friday.

The plans are almost certain to be passed thanks to a big parliamentary majority for Merkel's "grand coalition" of conservatives and the centre-left Social Democrats (SPD), although some of Merkel's Christian Democrats may oppose it.

"The parliamentary parties of the coalition have agreed on a pensions package," conservative Volker Kauder said, adding it was "a good example of how the grand coalition can get its work done".

The early retirement proposal is a pet project for the SPD who are committed to social justice but economists have warned that Germany, with its ageing population and shortage of skilled labour, could suffer under the cost.

In 2007, a previous Merkel-led grand coalition agreed to gradually raise the official retirement age by two years to 67 between 2012 and 2029.

Under the new plans, some people will be allowed from July to retire on a full pension at 63, provided they have worked for 45 years.

The parties had disagreed about allowances for people who had claimed jobless benefits. The compromise reached permits those who had been unemployed for a short time to retire early but prevents people from stopping work at the age of 61 by claiming unemployment benefit for two years and then taking up early retirement at 63.

That whole measure will cost about 900 million euros (733.6 million pounds) in this year, rising to 3.1 billion euros a year in 2030.

In addition, some 9.5 million mothers or fathers whose children were born before 1992 will receive higher benefits. This measure will cost 6.7 billion euros a year and will be paid for mainly via social security contributions.

The plans also set rules for people who retire early for health reasons. Those measures will cost 100 million euros in 2014, rising to about 2.1 billion euros in 2030.

Germans work longer than Greeks, Spaniards and French people, says Eurostat, retiring after about 37-1/2 years in employment. The EU average is 35 years. But the reform is raising eyebrows given that Germany has demanded economic sacrifices from its struggling euro zone peers.

(Reuters)

Old Mutual appoints new Finance Director, Chief Operating Officer

Old Mutual PLC Wednesday said it has chosen two new executive directors, promoting a new finance boss and chief operating officer from within its ranks.

In a statement, Old Mutual which is engaged in investments, savings, insurance and banking, said Ingrid Johnson, the current managing executive of retail and business banking for majority-owned subsidiary Nedbank Group Ltd, will succeed outgoing Finance Director Philip Broadley.

Old Mutual also said it has appointed Paul Hanratty as its new chief operating officer. Hanratty is Old Mutual's current group operating officer.

Old Mutual is currently trying to expand in Africa, while building its retail investment business in the UK. It is planning on a minority initial public offering in the US of its US asset management business in 2014, subject to market conditions.

Both appointments will take up their new roles from July 1.

"Ingrid will bring an in-depth knowledge of banking and the wider South African financial services environment, while Paul has a wealth of experience in the group's insurance and investment businesses and an exceptional understanding of the markets in which we operate," Julian Roberts, chief executive, said in a statement.

Old Mutual said Johnson's annual base pay in her new role will be GBP600,000. Her short-term incentive opportunity is set at up to 150% of that amount and subject to group and personal performance targets. Half of any short-term incentive will be awarded in cash, with the remainder in shares deferred for three years. Johnson will also be granted an award equal to 250% of her base pay under Old Mutual's long-term incentive plan. Half of that will vest after three years, with the remainder after four years. It will replace a long-term incentive award granted by Nedbank earlier this year, which Johnson has agreed to waive.

Hanratty's base pay will be GBP630,000, with his short-term incentive opportunity set at up to 150% of that amount and subject to group and personal performance targets. Under the long-term incentive plan, Hanratty will be granted an award equal to 35% of his base pay in addition to a 200% long-term incentive award granted to him in April 2014.

Old Mutual shares were Wednesday quoted at 210.70 pence, up 1.2%.