When Sir (Dr) Justus Uranta bowed out of office as Managing Director/CEO of Niger Insurance Plc on December 31, 2012 after 35 years of distinguished and chequered service to the insurance industry in Nigeria, the market bowed in honour of an ICON who Came, Saw and Conquered.

A quintessential chartered insurer of repute, Uranta traversed the insurance landscape in Nigeria on his meteoric rise from the rungs of the ladder to the zenith of his career.

Popularly called ‘JC’ by his peers and admirers, within and outside the insurance industry, Uranta left an indelible mark of professionalism, transparency and service to humanity.

The Road to Greatness

Sages believe that the height attained by a man is not by sudden flight!

A product of Ahmadu Bello University, Zaria; Chartered Insurance Institute of London; Delta State University (MBA) and St. Clements University, Austria, where he bagged a PH.D in Business Management, Uranta remains a firm believer in the sanctity of quality education for a greater achievement in life. Hence, he burnt the Midnight Candles to pave the way for a better future.

Daily Improvement Maketh a Man

In the course of scaling the corporate ladder in the past 35 years, JC passed through the hallowed halls of prestigious centres of learning to immerse himself more in the knowledge of his chosen profession in the spirit of continous improvement and also set himself apart for future corporate and national challenges.

Some of these courses, locations and dates include:

ü  CORPORATE GOVERNANCE-UNIVERSITY OF PENNSYLVANIA, U.S.A.                2008

ü  UNIVERSITY OF GEORGIA BUSINESS SCHOOL- ATLANTA, U.S.A.                           2006

ü  LAGOS BUSINESS SCHOOL, LAGOS, NIGERIA                                                  2002

ü  UNIVERSITY OF BACELONA, SPAIN                                                                                      2002

ü  MANAGEMENT IN THE NEW MILLENIUM, LONDON                                  2000

ü  REINSURANCE FACILITATION, ZURICH                                                                             1996

ü  GENERAL INSURANCE, ITALY                                                                                                1994

Journey Through Insurance Industry

For 35 years, JC served the insurance industry in various capacities in various corporate organizations. At the end of the journey, the market agreed that JC indeed paid his dues in the industry.

a)    NIGER INSURANCE PLC                                       JAN. ’06-DEC. 2012         MD/CEO

b)    NIGER INSURANCE PLC                                       1998 –2005                     EXEC. DIRECTOR (TECHNICAL)

c)    NICON INSURANCE CORP.                                  1990-1998                      AGM (OIL & GAS)

d)   VERITAS INSURANCE CO. LTD                           1988 – 1990                 GENERAL MANAGER/CEO

e)   BCM INSURANCE BROKERS. LTD.                    1980-1981                      MARKETING MANAGER

f)    UNITY LIFE & FIRE INS. CO. LTD.                      1978-1980                  SUPERINTENDENT

g)   FEDERAL MINISTRY OF TRADE (NAICOM)    1977-1980                ASSISTANT OFFICER

BOARD MEMBERSHIP:-

a)       NIGER INSURANCE PLC

b)       NIC PROPERTIES LTD.

c)       GLOBE REINSURANCE CO. LTD (ALTERNATE)

d)      NIC SECURITIES & TRUST LTD.

e)       BETA GLASS INDUSTRIES

f)        UNION ASSURANCE CO. LTD.

g)       EXPRESS DISCOUNT LTD.

h)      TRUSTFUND PENSIONS PLC

i)        PROFUND SECURITITES NIG. LTD

FELLOWSHIP AWARDS:

(i)            CHARTERED INSURANCE INSTITUTE OF NIGERIA         2004                                       FIIN

(ii)           NATIONAL INSTITUTE OF MKTING OF NIG.                      2005                                       FNIMN

(iii)         NIGERIAN INSTITUTE OF MANAGEMENT                         2005                                       FNIM

(iv)          NIGERIAN INSTITUTE OF MGT. CONSULTANTS             2006                                       FNIMC

(V)          CERTIFIED INSTITUTE OF COST MGT OF NIG.                  2008                                       FCICMN

(VI)         ASSOCIATION OF PENSION FUNDS OF NIG.                      2009                                       FAPFN

OTHERS:-

a)   COUNCIL MEMBER –   CHARTERED INSURANCE INSTITUTE OF NIGERIA

b)   VICE CHAIRMAN    –            WEST AFRICAN INSURANCE INSTITUTE [WAII] GAMBIA

c)    ALUMNUS                     –   LAGOS BUSINESS SCHOOL (AMPIO 2001)

d)    FSS 2020 COMMITTEE MEMBER [INSURANCE SECTOR]

Commitment to Community Development:

In the course of his exemplary career, JC has impacted positively on his immediate community (Queenstown Opobo, Opobo/Nkoro LGA, Rivers State) through provision of various empowerment projects to support the growth of the next generation. Some of these projects include:

• Establishment of Secondary School in Queenstown, OPOBO
• Construction of Six [6] Room Public Convenience in Same LOCALITY
• Part Renovation of ST. John’s Anglican Church in Queenstown, OPOBO
• Award of Scholarships for Primary, Secondary and Tertiary Institutions

A Worthy Knight!

As a Mark of Honour, the title of KNIGHT OF ST. CHRISTOPHER (KSC) was eminently bestowed on him to recognize his sterling qualities and contribution to humanity.

Looking into the Future

A man given to service, Uranta has closed One Chapter in his life and is ready to open a New Chapter in service to Man & Country!

Dr. Justus Uranta (2^nd from left) receives a meritorious award from the Nigerian Stock Exchange (NSE) in Lagos.

UK insurers have spent more than £3 billion implementing Solvency II, the Independent on Sunday reports.

FTSE 100 insurers told the paper that the cost of complying with the new European Union capital regime, which has yet to come into force, had far surpassed the FSA’s original £1.8 billion estimate.

The Independent on Sunday noted that the cost could keep rising as there is as yet no end in sight. Solvency II has been beset by delays. The implementation date has been delayed to 1 January 2014, and there are some indications that the new rules will not come into force until 2016.

Some observers even suspect the new capital regime will be sidelined altogether and will never get off the ground.

A source told the paper: “Billions have been spent on Solvency II, with a high probability that the UK will end up with a regulatory regime not much different from the current one, which after all worked perfectly well even through the financial crisis.”

Expected compliance bill busts the FSA’s £1.8 billion estimate.

Prime Minister David Cameron’s announcement of an in/out referendum on the UK being a European Union (EU) member could affect insurer regulation, according to PwC global insurance regulatory leader Paul Clarke.

In a speech earlier this week, Cameron said that if the Conservatives were re-elected he would hold a vote on EU membership.

But Clarke said: “Potentially the biggest impact on the insurance industry will be on regulation. The EU drives the regulatory environment, Solvency II being a classic example.

“Not being part of the EU would hand more discretion to domestic authorities over rule design. From a practical point of view, it is likely the UK would choose to pursue a Solvency II equivalent approach.

“Ironically, the risk would be a UK outside of the EU, unable to influence from within, yet still compelled to follow EU regulation to remain competitive.”

Dropping out could leave UK voiceless, says Clarke.