SUNU Assurances Nigeria Plc, a member of SUNU Group’s will exceed the N10 billion regulatory requirements on recapitalization to underwrite all classes of general business, Samuel Ogbodu, managing director/ CEO of the Company has said.
Ogbodu spoke with brokers during the monthly edition titled, “Engagement with Brokers in Abuja and its Environs” held in Abuja.
He said in order to meet the new National Insurance Commission (NAICOM) recapitalization regime of N10 billion for general business, the company is going through the route of right issue.
He stated that the Sunu Group based in Paris, France, owned 65 per cent of the Company and they have secured the firm’s commitment to pick up the 65 per cent of the right issue.
He said the company operates with a recently increased authorized share capital of N7 billion.
He also said they have submitted their recapitalisation plan and approval obtained from NAICOM.
He further disclosed that when SUNU bought into the hitherto Equity Assurance, they increased the Authorised and paid up capital to N7 billion.
He said: “Nigeria is pivotal to the growth and expansion of SUNU Group in Africa and they have submitted their recapitalization plan as instructed by NAICOM. The commission has duly acknowledged the plan and letter of no objection was issued.
“The Company is committed to the principle of corporate governance and code of best practices. The Board is committed to full disclosure and transparency in the conduct of the Company activities. The Company has in place a robust, dedicated and competent management team that see to the day to day management of the Company.”
He explained that SUNU was incorporated as Equity Assurance Nigeria on December 13, 1984 and was licensed to underwrite all classes of general business.
“The company changed its name from Equity Assurance Plc to SUNU Assurances Nigeria Plc with due approval from the shareholders and its regulator, NAICOM. The approval was dated 29th March, 2018 and a new license was issued by NAICOM.
“The name change was necessitated as a result of SUNU Group’s (a foremost Pan-African Insurance Group), recent acquisition of majority stake in Equity Assurance Plc., With operations in 14 African countries and 25 office locations spanning West and Central Africa, this acquisition positions SUNU Assurances Nigeria Plc., to leverage SUNU Group’s vast network of knowledge capital, financial strength and technical resources in our quest to differentiate our offerings and service standards in the Nigerian marketplace.
“In addition to strengthening the company’s balance sheet, this strategic investment and name change also provides SUNU with critical organizational capabilities and competencies which is being harnessed to create and deliver value to our esteemed brokers and clients. This new name reflects its pan African presence as a full-fledged member of the SUNU Group. The company continues to operate in its current structure, and other than the name change, there is no change in management as we keep providing tailored made products and better service on which SUNU Group has built its reputation across Africa.
“SUNU Group is a foremost Pan-African Insurance Group with operations in 14 African countries and 23 office locations spanning West and Central Africa, which has recently expanded to include five subsidiaries belonging to Allianz Africa. SUNU Group’s continuous expansion is in line with its goal of becoming a leading African insurance company, and we are glad to have you brokers as our valued partner on this journey.
“On our support services, we have long term partnership products backed with robust reinsurance facilities; special Risks including Oil & Gas A long term partnership through personalized service
He urged the brokers to continue to support the company through teamwork -enduring Partnership; information sharing; and erasure of mistrust.
“The Insurance industry in Nigeria is a struggling one, but due to efforts by brokers, we are slowly and surely changing that narrative. It would be impossible to record the success of the SUNU Assurance’s presence in Nigeria without noting the impact of brokers business relationships has made on the company’s bottom-line. It’s instructive to note that 80 per cent of our businesses are derived from the Broking community.
“Presently, Abuja market size is valued at N7.5 billion in 2018 with 61 brokers. Our share is N184 million representing 2.45 per cent of the market and 35 brokers. Our company has been serving the market with prompt claims payments of N169 million representing 20 per cent of the premiums generated over the past 5 years. The SUNU Group with headquarter in Paris, France and SUNU Assurances Nigeria PLC is here to stay and to conduct her insurance activities as a profession and as a business”, he added.
Modestus Anaesoronye
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