By Rosemary Onuoha
Universal Insurance Plc is celebrating 60 years of operating in the Nigerian insurance industry and has rolled out the drums to that effect.
Speaking at the event which was held in Lagos last week, Chairman of the event and core investor, Engr. Cyril Ajagu, narrated his encounter with the company.
Ajagu said: “I remember when I first came to invest in Universal Insurance sometime in 2003. It can only be described as a divine arrangement.
“The Company was going through turbulent times. Workers had not been paid for a very long time and were, therefore, very disillusioned.
“I came on board and to the glory of Almighty God, we forged ahead. The first decision we took was to reposition the Company from being a regional player to a national player.
“And this we achieved by relocating the head office from Enugu to Lagos and thus began our progressive journey through thick and thin.
“We grew stronger and during the recapitalisation exercise organised by the National Insurance Commission, NAICOM in 2007, we not only recapitalised but we successfully acquired three other insurance companies – African Safety Insurance Company, Oriental Insurance Company and United Trust Assurance Company Limited.
“On December 14, 2007, we became a Public Liability Company and two months later, on February 11, 2008, we became listed on the floor of the Nigerian Stock Exchange.
“Universal Insurance has since blossomed and we keep moving from strength to strength.”
Speaking further, the Managing Director/ CEO Ben Ujoatuonu noted that in the past 60 years the company had continued to strengthen and sustain the legacy of the founding fathers.
Accordingly him, “For the past 60 years we have been consistently keeping to our words through creating value and meeting claims of our teeming customers.
“I assure you that we will continue and not rest in our plans in satisfying our numerous customers.”
With an asset base of over N11 billion and shareholders fund of over N8 billion, universal insurance said they are ever ready to satisfy the needs of their customers.
“We have also applied for approval for microinsurance license from the National Insurance Commission, NAICOM, which we believe will help us deepen insurance penetration and our revenue.
“We are indeed very hopeful that we will get the approval and that will also help us to expand in the vision we are driving in that regard.”