The Board of Directors of Priority Insurance Company Limited has appointed Mr Matthew K. A. Aidoo as the substantive Managing Director (MD) of the company. Prior to his appointment, Mr Aidoo was the acting MD of the company for almost two years.
During the first year in his acting capacity, Mr Aidoo and his team increased the premium income in 2015 by almost 60 per cent. At the end of December 2016, the company’s premium income increased by 120 per cent over the 2015 premium income.
Mr Aidoo is a chartered accountant and chartered insurer by profession. He graduated from the School of Business, University of Cape Coast, with a Second Class Upper in Bachelor of Commerce degree and Diploma in Education in 1992. He also possesses an MBA (Finance) from Coventry University, UK.
He is a member of the Institute of Chartered Accountants (Ghana) and Chartered Insurance Institute (CII), UK. He also possesses ACII (UK), DCII (UK), Diploma and Advanced Diploma in Insurance from Malta International Training Centre, Malta.
He started his professional career with the defunct Great African Insurance Company Ltd in 1993 as an Accounts Officer and rose through the ranks to become the acting Chief Finance Officer of the company in 1996.
He had worked with the Social Security and National Insurance Trust (SSNIT) as an Investment Analyst. Mr Aidoo also worked in various capacities in the finance departments of the UNDP Enterprise African Project, West African Gas Pipeline Company and Ghana Life Insurance Company.
Before joining Priority Insurance in 2012 as General Manager, Finance and Administration, he was the Chief Finance Officer of Provident Insurance Company Ltd.
Mr Aidoo and his current management team are poised for a strategic direction, intended to bring greater value to clients and to maximise shareholders’ worth.
The board also appointed Mr Justice A. Obeng as the General Manager, Finance and Administration.
Mr Obeng brings on board a wealth of experience from PricewaterhouseCoopers, an international auditing firm, and other multinational companies.
His expertise, among others, is financial management, financial reporting and compliance, budgeting and forecasting, internal controls practices in line with COSO framework and compliance with Sarbanes Oxley Act, etc.
He is a chartered accountant by profession with FCCA and ICA (Ghana). He had his tertiary education at the University of Ghana Business School where he graduated with a Second Class Upper Honours in Accounting. He also possesses an MBA (Finance) degree from Manchester Business School, UK.
Mr Obeng started his professional career with the PricewaterhouseCoopers. He also worked with Banro Corporation (Namoya Mine, a Canadian company based in Congo DRC as the Finance Manager before joining Priority Insurance Co. Ltd as General Manager, Finance and Administration. He also worked with So Energy Ghana Limited from January 2008 to July 2012 as Finance Manager/Ag. Chief Operating Officer.
With this rich experience, Mr Obeng is expected to drive the Finance Department of Priority Insurance Company in order to maximise shareholders worth.