SIC BOARD HOLDS MAIDEN MEETING (Page 44)

21/07/08
Story: Mary Mensah

The new nine-member board of directors of the SIC Insurance Company Limited yesterday held its maiden meeting in Accra with a pledge to move the company to other parts of Africa.
The new board, which has Mr Ayikoi Otoo, former Attorney General and Minister of Justice, as its chairman, said plans were far advanced for the company to expand its operations to other African countries.
He said with the floating of shares the company was now being owned by some 13,000 shareholders who approved the appointment of the new directors at the last shareholders meeting to steer the affairs of the company.
The chairman said in accordance with the new Insurance Act the State Insurance Company was split into two entities and the general business division became “SIC Insurance Company” whilst the life division became “SIC Life Insurance Company”.
He said even though SIC Insurance company owned 20 per cent of the SIC Life the two companies had separate board of directors and were completely different from each other.
Mr Ayikoi Otoo said with the oil find in the country the company was poised to break grounds in order to generate more profits.
Members of the new board include Mr Rex Osei Wusu, Managing Director of Fairwork Limited, Mr Kwasi Osei, an actuarian and a fellow of the Societies of Actuaries and a member of the American Academy of Actuaries; Mr Kofi Amoah, Chairman of the Local Organising Committee (LOC); and Mrs Elizabeth K. T. Sackey, Member of Parliament.
The others are Mr Daniel K. M. Soadzedey, a director of SIC; Mr Franklin O. Owusu Asafo Adjei, Deputy Managing Director (Administration and Finance); Mr Peter Osei Duah, Managing Director of SIC; and Dr Kofi Kodua Sarpong, Managing Director of the Tema Oil Refinery (TOR).