Guaranty Trust Assurance plc was incorporated in June 1989 as Heritage Assurance Company Limited and registered by NAICOM as a non-life insurance Company. In the second half of 2002, Guaranty Trust Bank plc acquired a majority interest in Heritage Assurance, thereby increasing its paid up capital from N 3.6 million to N100.06 million, with a view to repositioning and transforming the Company.

 

In December 2003 the company recruited key personnel from the insurance and financial services industry who took over the management of the Company. With a then Authorized Share Capital of N 750million, the company's paid-up share capital was initially increased to N 359million in February 2004 and has been consistently increased over the years to N12billion.

 

By December, 2005, the company's Authorized Share Capital was increased to N5billion in line with new minimum capital requirement while the company's Shareholders' Funds stood at N 6.29 billion as at December 31, 2007.

In July 2007, GTAssur became the first Nigerian Insurance company to receive an A+ risk rating from Agusto & Co., the nation's premier rating agency.

 

Guaranty Trust Assurance plc is registered by NAICOM as a composite company underwriting all classes of insurance and risk management business while also offering financial advisory, investment and consultancy services.

Guaranty Trust Assurance plc was borne out of the desire to create an insurance company capable of providing world-class risk management solutions to discerning consumers in Nigeria and beyond.

 

Business Definition

Our business is categorized under three broad headings:

- Risk Management Services
- Investment Management  and
- Financial Advisory.

 

Strategic Partners
 
African Re-insurance Corporation – Lead Reinsurer
• African Re is the lead provider of reinsurance cover for GTAssur plc.
• The firm is rated A- and BBB+ by A.M. Best and Standard & Poor's respectively. 
 
Munich Re-insurance Corporation
• Munich Re (Mauritius) is a co-reinsurer on the GTAssur treaty.
• Its parent company is the biggest re-insurance company in the World.

   
GIC Re (General Insurance Corporation of India)
• This co-reinsurer on the GTAssur treaty was incorporated in 1972.
• Holds the leadership re-insurer position in India.
• The firm is rated A- and AAA by A.M. Best and Standard & Care respectively.

Oracle Med – South African Health Insurance Provider
• GTAssur is the sole franchisee of this company in Nigeria. By virtue of our appointment, we now provide an International Health Plan with air ambulance services which is operable across the World.
 
Mapfre (Special Risk and Travel insurance)
• Mapfre  Asistencia is an affiliated company of Mapfre Group based in Madrid, Spain which operates in 58 countries. It is the GTAssur underwriter for Travel Insurance.
• Mapfre Asistencia has ratings of A+ and A1 by A.M. Best and Moody respectively. In addition it has international quality certification ISO 9001 award.

 

Operational Structure
The company is strategically structured thereby ensuring that it can deliver optimal value and service to its stakeholders.

The divisions within the company are as follows:

RETAIL BUSINESS DIVISION – comprised of the Bancassurance Group, Agency Sales Group and Alternate Channels/Products Group.

INSTITUTIONAL BUSINESS DIVISION – this division is comprised of the Corporate Business Group, Energy Group and the Public Sector Group.

TECHNICAL DIVISION – responsible for the General & Special Risks insurance underwriting, Life Assurance underwriting as well as Health & Travel Services operations.

    
OPERATIONS DIVISION – handles Retail Processing operations, Information Technology and Settlement Operational activities.

FINANCIAL CONTROL & CORPORATE SERVICES DIVISION – this division is made up of the business support teams such as Financial Control unit, Corporate Services unit and the Project and Strategic Planning unit.

SYSCON GROUP – this group is responsible for ensuring that the company's systems, processes and business activities are in conformity with established policies, manuals, corporate governance codes and ethics.

MARKETING UNIT – this unit is primarily engaged with the marketing and corporate communication activities of the company.   

   
INVESTMENT GROUP – the investment group consists of the real estate, research, fixed income and equity investment desks.

 

Our Service Propositions

Our service proposition is to create an intimate relationship with our customers putting us in a position to recognize their requirements and priorities. Our approach is simple and does not premise itself on any assumptions. Rather, we shall in line with the core ideals and values of the group to which we belong, treat our customers to the utmost in customer service at all times, seeking to understand their business and objectives, such that we are able to meet and anticipate their needs.

 

At Guaranty Trust Assurance plc, we shall test every activity we engage in to ensure that we remain true to our core values - Integrity and Ethics.

We remain committed to the building and sustenance of a mutually beneficial relationship with our customers thereby ensuring that their interests are not compromised in any way.

 

Our Culture

As you start what we are sure will be a successful journey with Guaranty Trust Assurance. We would like to welcome you to a team of handpicked individuals with a passion for what they do.

At Guaranty Trust Assurance, we seek to create a friendly and welcoming environment that nurtures team spirit and excellence in the individual. We are constantly evolving and require people who are ready and willing to embrace change.

Our Values

Our values are the foundation of our organization. They serve as our guide, inspiring our actions and our decisions. These values reflect our way of doing and thinking, for the benefit of our customers, shareholders, employees, business partners and in any community we operate in. The following core values drive everything we do at Guaranty Trust Assurance PLC

 

Integrity: To do the right thing at the right time, every time.

 

Responsibility: To our customers, to our society, and to ourselves

Innovation: Constantly re-defining ourselves to create the best service.

 

Customer Focus: Always providing the best value for our customers by understanding their world, their needs and their wants.

 

Excellence: Superior performance, aiming for the highest quality.

 

Our Strengths

•    A balanced portfolio of insurance and financial service businesses geographically and by line of business.

•    Highly experienced insurance professionals.

•    Capacity and flexibility.

•    Underlying financial strength and stability.

Technology
Advanced Insurance Management Suite (AIMS).
AIMS is an enterprise, cutting-edge Insurance application based on Oracle 11g internet & mobile technologies. It integrates all the classes of our insurance businesses, from life underwriting, general business underwriting, health and annuity, claims, customers' relationship management to Finance.

The technology solution provided by AIMS suite includes the CRM (Customer Relationship Module) called e-Insurance with a value adding service of Interactive Voice Response system. AIMS has a web interface which gives our customers access to their statements and enable them to carry out their transactions from the comfort of their homes and offices through the internet. These facilities allow for more efficient documentation, instant online quotes, online payment and fast claims processing. We intend launching these modules in the near future.

PRODUCTS & SERVICES

As a composite company, we underwrite both Life and General classes of insurance. We provide cover for both retail and corporate insurance risks as hereunder listed:

 

Corporate Insurance – Marine, Construction All-Risks, Operators Extra Expense, Plant All-Risks, Aviation Refueling Liability, Onshore & Offshore Property Damage, Workmen's Compensation, Group Life, Group Personal Accident, Motor, Fire & Burglary, Consequential Loss, Marine Hull, Public Liability, Product Recall etc

 

Retail Insurance – Life, Education, Health, Home, Motor, Investment Linked Life Products and Annuity.

 

In addition to this, we also offer an alternate risk management mechanism for large motor fleets. The Risk Retention Fund allows a corporate body to retain all or a part of the risk exposure on its motor fleet with the possibility of making long term savings on premium expenditure whilst also creating an interest yielding asset.

 

OUR GROUP PROFILE
Guaranty Trust Assurance plc is a subsidiary of Guaranty Trust Bank PLC ("The Bank"),
which is the flagship of the Guaranty Trust Group comprising:

- Guaranty Trust Bank plc
- GT Homes
- GT Assets Management Limited
- GTB Registrars Limited and
- Guaranty Trust Assurance plc

 

In addition, there are other members in the West-African sub-region and Europe namely:

- Guaranty Trust Bank (Gambia) Limited, Guaranty Trust Bank (Sierra-Leone) Limited,
- Guaranty Trust Bank (Ghana) Limited and Guaranty Trust Bank (UK) Ltd.

 

Our Financials

Guaranty Trust Assurance plc has recorded significant growth in Gross Premium Income and Balance Sheet size since the company was restructured and today reflects a strong, viable and competent underwriting firm. From 2004, GTAssur's claims payment has increased tremendously from a total claims paid in 2004 (over N58 million) to over N363 million paid out in 2007. This represents an 84% compounded growth in the past 3 years.

The company closed the 2007 financial year with a turnover of N2.064 billion up from N1.067 billion the previous year. This represents a growth rate of 93%. Total Asset and Shareholders' Funds stood at N 7.975 billion and N6.298 billion respectively as at December 31, 2007 up from N 6.182 billion and N 5.335 billion from the previous year. This represents growth rates of 29% and 18% respectively.