WorldStage– Prestige Assurance Plc, one of Nigeria’s premier general (non-life) insurance companies, operating in the financial services sector for over seven decades, has appointed Mr. Seetharaman Sivasankar as a Non-Executive Director on its Board, effective 20 August 2026 (subject to regulatory approval), the company announced in a filing to the Nigerian Exchange Limited (NGX).
The appointment was confirmed by shareholders at the company’s Annual General Meeting (AGM) held in Lagos.
According to a statement signed by the Company Secretary, Mrs. Chidinma Ibe-Louis, the Board expressed confidence that Mr. Sivasankar’s extensive industry experience will support the company’s growth and expansion plans.
Profile of the New Director
Mr. Seetharaman Sivasankar is a seasoned insurance professional with over 36 years of experience.
He joined National Insurance Company Ltd. (NICL), India, as an Officer in 1991 and rose through progressive leadership roles at branch, divisional, regional, and head office levels.
He has headed the Accounts Department, multiple Branch and Divisional Offices, managed Corporate and Large Claims, and later oversaw Fire and Engineering Underwriting and Claims as Deputy General Manager. In February 2026, he was appointed Executive Director on the Board of New India Assurance.
A graduate of Commerce and a Fellow of the Insurance Institute of India (FIII), Mr. Sivasankar brings deep technical and operational expertise across the insurance value chain.
Other Resolutions Passed at the AGM
Shareholders also approved the following key resolutions:
- The audited financial statements for the year ended 31 December 2025, together with the reports of the Directors, Auditors, Board Evaluation Consultants, and the Audit Committee.
- The appointment of Mr. Umesh Rathod as Managing Director and Mr. Abhinandan Singh as Executive Director.
- The re-election of Mrs. Funmi Oyetunji as Independent Non-Executive Director, Dr. Nosike Agokei as Non-Executive Director, and Mr. N.S.R. Chandra Prasad as Independent Non-Executive Director.
- The re-appointment of Deloitte & Touche as external auditors for the 2026 financial year, with the Directors authorised to fix their remuneration.
The Board changes come as Prestige Assurance continues to strengthen its governance and operational capacity following the successful completion of the industry-wide recapitalisation exercise supervised by the National Insurance Commission (NAICOM).
The company has expressed optimism that the enriched Board composition will further support its strategic objectives and long-term value creation for stakeholders.
