Prestige Assurance Mourns Death of Executive Director Deepak Pal

Prestige Assurance Plc has announced the death of its newly appointed Executive Director, Mr Deepak Pal.

According to a statement released by the Company Secretary, Mrs Chidinma Ibe-Louis, Mr Pal passed away on July 3, 2025, following a brief illness.

The company conveyed the unfortunate development in an official notice to the Nigerian Exchange Limited (NGX), shareholders, and the investing public, stating “With a deep sense of loss, the Company notifies NGX and the public of the demise of the recently appointed Executive Director, Mr Deepak Pal whose sad event occurred on 3rd July 2025, after a brief illness.”

Mr Pal was recently appointed to the board as an Executive Director before his sudden death. His passing represents a major loss for the insurance firm, which is currently undergoing a corporate restructuring and strategic transformation effort.

Although specific details surrounding his illness were not disclosed, Prestige Assurance expressed its condolences and appreciation for Mr Pal’s contribution to the company’s executive leadership.

In the same notice, the company also confirmed the resignation of another board member, Mr Vivek Kalla, who stepped down as Executive Director effective June 29, 2025.

The dual development leaves two vacancies on the board, which Prestige Assurance is expected to address in the coming weeks as part of efforts to stabilise governance and maintain regulatory compliance.

Prestige Assurance is one of Nigeria’s oldest insurance providers and is listed on the Nigerian Exchange. The company has yet to announce a replacement for either position.