The National Insurance Commission, (NAICOM) has approved the appointment of Dr Japhet Duru as the new Managing Director/Chief Executive Officer (CEO) of Universal Insurance Plc, effective Jan. 10.
Mr Chinedu Onyilimba, Company Secretary/Legal Adviser of the Universal Insurance, confirmed this in a statement, on Thursday in Lagos.
Onyilimba said the approval followed the retirement of the former MD/CEO of the insurance company, Dr Benedict Ujoatuonu.
Duru joined Universal Insurance on Aug.22, 2024 as the Executive Director, Technical Operations, while on Sept. 26, 2024, he was mandated by NAICOM to act as the managing director/CEO of the company.
He is an accomplished chartered insurer, risk analyst and administrator equipped with a well-recognised record of accomplishment in an executive board role.
The new CEO has management skills with over three decades of versatile and trusted experience in the insurance industry.
Japhet Duru holds a BSc (Hons) in both Economics and Insurance from the Imo State University, Owerri and St Monica University, Cameroun.
Also, Masters in Finance (MSc) from the Lagos State University and a PhD in Business Administration from the Charisma University in Turks and Caicos Island.
The new managing director recently bagged a PhD in Finance from Lead City University, Ibadan.
Duru is a Fellow of the Chartered Insurance Institute of Nigeria and an Associate member of the Nigeria Institute of Management, Certified Pension Institute of Nigeria, and Chartered Institute of Administration.
He had also undergone various certification programs on leadership and management.
Duru started his insurance career at Valid Assurance Company Ltd., and has worked for various insurance organisations namely, Central Insurance Company Ltd. (now Linkage Assurance Plc), DBLS Insurance Brokers Ltd among others.
He had previously worked as the Head of Underwriting, Head of Technical Operations, Executive Director (Technical)/Chief Operating Officer, and Acting Managing Director/CEO at Heirs General Insurance Ltd., before joining Universal Insurance.
