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Consolidated Hallmark Insurance (CHI) Limited
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Hallmark HMO
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CHI Microinsurance Limited
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Hallmark Finance Company Limited
Cynthia Ezekwe
Consolidated Hallmark Group has completed its transition into a holding company structure, with four separate subsidiaries, including the original insurance arm.
Over the years, Consolidated Hallmark has established itself as a provider of diverse financial services, including insurance, asset management, and health management. The company stated that it has taken the next step in its evolution by expanding into a holding company.
As part of its transition to a holding company structure, Consolidated Hallmark Holdings (CHH) Plc has renamed its insurance arm as Consolidated Hallmark Insurance (CHI) Limited, while its other subsidiaries have been named as follows: Hallmark HMO, CHI Microinsurance Limited, and Hallmark Finance Company Limited. Each subsidiary will focus on a different area of the company’s operations, with the goal of improving efficiency and profitability.
As part of the reorganisation, Eddie Efekoha has stepped down as the managing director/CEO of Consolidated Hallmark Insurance Limited to become the Group CEO of Consolidated Hallmark Holdings (CHH) Plc, the holding company. Mary Adeyanju has been appointed as the new MD/CEO of Consolidated Hallmark Insurance Limited, having previously served as executive director of operations. Jimalex Orjiako, who was previously the MD/CEO of CHI Microinsurance Limited, has now been appointed as the new executive director, operations, CHI Limited.
In response to questions about the recent changes at a press briefing, Efekoha explained that the move to a holding company structure was made in anticipation of the 10-year tenure limit policy of the insurance industry.
Efekoha stressed that he is not opposed to the tenure limit policy, as he believes it provides a clear succession plan for the insurance industry. By ensuring that there is no vacuum when a managing director or executive director leaves office, the policy helps to ensure stability and continuity in the industry.
According to Efekoha, Consolidated Hallmark’s plan to become a holding company with subsidiaries pre-dates the introduction of the tenure limit policy by the insurance regulator. He noted that the company has always been proactive in its response to regulations and market conditions, with the goal of becoming one of the leading insurers in Nigeria.
Efekoha expressed satisfaction with the performance of the insurance company since its inception, noting that its share price of N1.48k remains one of the best in the market. He also highlighted the company’s commitment to supporting the insurance company and other subsidiaries under the new holding company structure, which became effective on January 1, 2024.
