Boff and Company Insurance Brokers Limited was founded on the 7th of October, 1991 after securing an Insurance Broking License a month earlier.
After graduating from the University of Ife in June 1980 with a degree in Economics, my dream was to start a business of my own and be an entrepreneur. I was realistic enough to realize the need for some tutelage and decided to seek employment first. After ten years in employment, Boff & Company was conceived.
We kicked off in a rented office at GNI (Great Nigeria Insurance Co. PLC) building with four employees in Ibadan with a share capital of N500,000.00. From inception, we aimed to provide personalized service to carve a niche for ourselves. At that time, the Insurance Broking Sector had a few large companies and many small sole proprietorship companies. We believed that if we could be professional in our service delivery, then our company will do well.
We set out to employ trainable officers who went on to study Insurance and are now adding value to us. The company now has eight professionally qualified members of staff with seven others in various stages of completing their professional examinations.
Within two years of operation, the Lagos office was opened to provide personalized professional Insurance brokerage services to the economic nerve center of Nigeria.
Based on the outstanding performance of the company, many insurance accounts of factories, banks, insurance companies, hotels, multinational corporations, government parastatals and agencies were won and serviced throughout the nineties.
The company’s share capital went up to N5,000,000 in 1998 to comply with the insurance decree 1997. In August 1999, the Abuja office was set up to provide our usual professional services to the political capital of Nigeria.
Again, in February 2003, the Port-Harcourt office was set up to cater for the oil-rich region of the South-South and South Eastern Nigeria. These offices were strategically located to cater for the West, East, South, North and Lagos areas of Nigeria.
By the year 2006, the authorized share capital of the company was increased to N25,000,000, and thereafter to N35,000,000 in the year 2011. Same has since been increased to N75,000,000 shares in 2016.
After Sixteen years in business, we moved into our own building PRECISION HOUSE which is where our head office is located.
Our overseas trading partner is Arthur J. Gallagher & Company – a United States-based global insurance brokerage and risk management Services Company. AJG & Co. has over 300 offices in 19 countries employing more than 13,000 insurance professionals, while Alesco Risk Management Services in London – a registered Lloyd’s broker and reinsurers broker- is our trading partner for Energy, Power and Construction policies. AJG trades as Gallagher London in the UK. We also transact businesses with Willis Limited (UK), Howden Group (UK), Airborne Insurance consultants (South Africa).
Boff is now 25 years and I am glad to announce that our staff strength is presently 42 permanent employees with an average attrition rate of about 1.1 percent. This shows a high level of commitment and dedication of our staff. We couldn’t have come this far without them. Kudos to all members of staff of this great company.
Boff & Co has grown from a small Company with staff strength of four to becoming one of the topmost and well-respected Insurance brokers in the Insurance Industry in Nigeria.