Underwriting firm, Universal Insurance Company Plc said it will emerge a mega company post recapitalization, as the industry continues its capital raising exercise slated to end by December 2020.
Insurance industry in Nigeria is going through a recapitalisation exercise that will require operators shore up their paid-up share capital to as much as 300 percent.
The exercise, which commenced on 20th May 2019 and to end on 31 December 2020, requires that life companies increase their paidup share capital from N2 billion to N8 billion; General Business from N3 billion to N10 billion; Composite Business from N5 billion to N18 billion; and Reinsurance companies from N10 billion to N20 billion.
Paulinus Offorzor, executive director, Technical Universal Insurance Plc made the disclosure in when the company received award in Lagos.
Universal Insurance was rewarded for its sterling performance coupled with innovative product design and development
Offorzor said the board and management are working assiduously to continue to deliver on its mandate as a risk management firm, assuring that Universal Insurance would emerge a mega underwriting firm post recapitalization of the sector.
“On behalf of my managing director, Ben Ujoatuonu who is unavoidably absent, the board, management and staff of Universal Insurance Plc, I am delighted for this wonderful recognition. I am overwhelmed by this award because we were just doing what we needed to do; unaware that somebody somewhere was watching our back. He said the award posses a greater challenge for the universal family to continue to put smile on the faces of her esteemed customers.
Universal Insurance Plc, one of the highly innovative and proactive insurance companies in Nigeria, has blazed the trail and surmounted many hurdles in the past.
The company which was established by the Eastern Nigeria Government in partnership with the African Continental Bank in 1961 through an association of Eastern Nigeria Development Corporation and Pearl Assurance Limited of London, has restructured its management and operations for the challenges ahead.