Anchor Insurance Company Limited was licensed in October 1989 as a General Business (Non-life) Insurance outfit and started operations in November of the same year. It had its Head Office at 7/13 Aka Road, Uyo, Akwa Ibom State. January 1992, the Company added Life/Pension class of Insurance to its business portfolio thereby attaining the status of a Composite Insurance Company. In 1998, Anchor Insurance Company Limited was re-registered by National Insurance Commission (NAICOM) in the status of a composite insurance company under Registration Number RIC-072. In 2003, new investors, headed by Dr. Michael Ntuk acquired substantial part of the Company’s equity as part of the privatization programme of the former owner-state government. As a result of the regulatory induced recapitalization and consolidation the shareholders fund of the company was raised to over N3 billion which placed the company amongst the recapitalised insurance institutions under the General Insurance & Special Risk business. In 2008 a new Management was introduced, headed, by Mr. Ademayowa Adeduro as MD/CEO a seasoned insurance and accounting expert, to pilot and reposition the Company as a 21st century service delivery brand.