Star Assurance Group poised to transform  Insurance Sector

Kofi Duffuor

Star Assurance Group Limited (SAGL), a wholly Ghanaian-owned private company, has positioned itself to transform Ghana’s competitive insurance sector.

This follows the recent consolidation of its holdings in three leading insurance companies into a mega-group. The three companies are Star Assurance Company Limited, StarLife Assurance Company Limited, and Star Microinsurance Company Limited.

The SAGL formed in September 2020 and has what it takes to develop innovative products to mitigate the risk faced by individuals, businesses among others in Ghana.

The Group also has the financial and human resources to dominate life and non-life insurance markets of the Ghanaian insurance sector.

Top executive team of SAGL

The group executive team combined has several years of extensive experience in the insurance and finance industries – particularly in the life, non-life and micro insurance subsectors.

The executive team includes Mr. Kofi Duffuor as the Group Chief Executive Officer; Mr. Samuel Ocran as the Group Chief Operating Officer; and Mr. Emmanuel Baiden as the Group Chief Finance Officer.

About Kofi Duffuor 

Kofi Duffuor, until his appointment as the Group CEO, was the Managing Director of Star Assurance. He was instrumental in Star Assurance’s restructuring in 1996 as the General Manager and later Managing Director. With hard work and dedication, Mr. Duffuor, and his executive team moved Star Assurance from almost bottom of the league of insurance companies to become the third-largest non-life insurance company in Ghana.

He was once an executive member of the Ghana Insurers Association, and also chairman of the Association’s Finance and Secretariat’s Board Committee. Kofi was adjudged the Best CEO of the Year 2018 – General Insurance Category by the CEOS Network Ghana. He is also a recipient of Ghana Business Leaders Excellence GOLD Award.

Kofi holds a Master of Business Administration degree in Entrepreneurial Management from the University of Ghana and had his insurance training in the United Kingdom. He is a Chartered Insurer and Fellow of the prestigious Chartered Insurance Institute (FCII) UK. He is also a Fellow of the Chartered Insurance Institute of Ghana (FCIIG).

He is well-oriented in insurance management, business development and marketing. He has over twenty-eight (28) years’ experience in insurance underwriting, claims management and insurance marketing.

About Samuel Ocran 

Samuel Ocran, until his appointment as the Group Chief Operating Officer, was Deputy Managing Director of Star Assurance Company directly responsible for Operations & Strategy.

Mr. Ocran’s rich experience in the insurance industry spans over 25 years, and he holds a Master of Business Administration (Marketing Option) degree from the University of Ghana.

He graduated from the School of Administration, University of Ghana, with a BSc. Administration (Insurance Option).  Mr. Ocran is a Chartered Insurer and a Fellow of the Chartered Insurance Institute (UK) as well as a member of the Chartered Institute of Marketing (UK). Prior to joining Star Assurance Company Limited, he was with the prestigious African Reinsurance Corporation in Lagos, Nigeria.

About Emmanuel Baiden

Emmanuel Baiden is a Chartered Accountant and member of the Institute of Chartered Accountants (Ghana). He had his accountancy training at the University of Professional Studies, Accra. He also holds a Master’s degree in Finance from the University of Ghana.

Until his appointment as the Group Chief Finance Officer he was the Director in charge of Finance and Administration of Star Assurance, a subsidiary of SAGL. Before joining Star Assurance Company Limited in 2001, he worked for the Ghana Postal Services Company Limited, Ghana Commercial Bank and Akuaba Toys & Furniture Company. He has been in the insurance industry for over fifteen years.

Emmanuel has attended several seminars and conferences, both in Ghana and abroad, on Leadership, Finance and Insurance; and has special interests in strategic management and corporate governance.

Subsidiaries under SAGL 

Star Assurance Company Limited

Star Assurance is a privately-owned Insurance Company incorporated in August 1984 and licenced to carry out corporate and retail insurance business in Ghana.

Star Assurance over the past thirty-five years of its operations has emerged as the biggest indigenous private insurance enterprise in terms of assets. It is currently among the first three insurance companies in Ghana in terms of premium income.

The company has 27 branch offices in nine of the 16 regional capitals, with the remaining seven serviced by its Agency offices. Some of the policies provided by the company include Comprehensive Homeowners Insurance, Motor Insurance, Professional Indemnity, and Marine Insurance.

The company is led by Boatemaa Barfour-Awuah (Mrs.).

Boatemaa is an associate of the Chartered Insurance Institute (UK). She holds an MSc. in Finance & Accounting as well as an MSc in Management, both from the University of Southampton (UK).

She has a Diploma and Advanced Diploma in Insurance Studies from the Malta International Training Institute (MITC), and also holds a BA in History & Politics from the University of Leicester, UK.

She is a proud product of Ghana International School in Accra, where she obtained both her ordinary and advanced level certificates.

StarLife Assurance Company Limited

StarLife Assurance Company Limited is the life insurance subsidiary of SAGL, and it’s the third-largest life insurance company in Ghana with several branches spread across the length and breadth of the country.

StarLife has bespoke products for both individual and corporate customers. These products include StarLife Employee Security Plan, StarLife Keyman Plan, StarLife Loan Protection Insurance, StarLife Mortgage Protection Plan, and Child Lifeline Plus. Others include CashBuilder Plus, Family Protection Plan, Esteem HomeCall Plan and Wealthmaster Plus.

StarLife Assurance, over the past 15 years of its operations, has been posting impressive financial results since its inception; and indeed has over the years delivered value added services to its clients, making it one of the preferred life insurance companies in Ghana.

The company is led by Kakra Duffuor-Nyarko (Mrs). Kakra is a fellow of both the Institute & Faculty of Actuaries (UK) and the Actuarial Society of Ghana. She holds an MSc. in Actuarial Management and a Postgraduate Diploma in Actuarial Science from the prestigious Cass Business School, City University (London, UK). She also holds a BSc. in Economics (Hons) from the University of Warwick (UK).

Star Microinsurance Company Limited

The third company under the SAGL is Star Microinsurance Services Limited. It was incorporated in August 2008 as an independent agency to collaborate with Star Assurance and StarLife Assurance in the distribution of micro insurance products on the Ghanaian market.

Its strategic objectives complement the government of Ghana’s efforts in providing social protection for the Ghanaian people. Star Microinsurance is dedicated to serving low-income households with an affordable and suitable range of microinsurance products.

This range of products include Investment Funeral Policy, Micro HealthCare, Childcare Policy, and Fisherman’s Life Insurance Scheme.

The company is led by Solomon M. K. Larbey. Solomon is a member of the Chartered Insurance Institute (UK) and holds an MBA in Human Resource Management from Wisconsin International University College (Ghana), as well as BA (Hons) in Economics & Political Science from the University of Ghana (Legon).

He has both Diploma and Advanced Diploma in Insurance Studies from the Malta International Training Institute (MITC). He also has a Certificate from the Chartered Insurance Institute (UK).

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