By Cynthia Alo
Saham Unitrust Insurance Nigeria Limited has announced its change of name to Unitrust Insurance Company Limited.
In a statement, the company said that this notification became necessary, having met all regulatory requirements.
According to the company, all past correspondence, licences, documents and title issued under the former name remained valid.
The underwriting company was established and licensed in 1986 as Unitrust Insurance Company Limited, and has remained as one of the major underwriters of non-life insurance services in Nigeria.
The company underwrites motor, marine, aviation, engineering, bonds, fire & special perils, burglary, money, goods in transit, personal/group personal accident, employers’ liability, fidelity guarantee, including oil and gas insurance and it is a major player in travel insurance.
It will be recalled that its name was changed to Saham Unitrust Insurance Nigeria Ltd in 2014, when Saham bought into the company before its current change of name.
Managing Director of the company, Mr. John Ijerheime, reiterated the company’s passion for excellent service delivery to its customers.
He said that that the company had plans to ensure that it met the recapitalisation requirements of the regulatory body, the National Insurance Commission, before the deadline given to the industry.
Ijerhieme added that as part of its promise to honour all genuine claims, Unitrust Insurance would continue to ensure prompt claims settlement to its claimants.
The MD assured the public that the company would continue to deploy cutting-edge technology to provide the best services in the insurance industry.
He stated that the group’s gross written premium rose by 27 per cent to N3.168bn at the end of December 2018 from N2.486bn at the end of December 2017 while profit before tax stood at N806.18m at the end of 2018 from N818.04m at the end of 2017, while its profit after tax rose to N759.96m from N427.68m respectively.
He noted that the group’s underwriting profit stood at N220.25m in the period under review from N303.79m in the corresponding.