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Prudential Zenith Life surpasses N4bn capital benchmark

Prudential Zenith Life Insurance said that it has raised its authorised share capital to N5 billion, surpassing the new minimum capital requirement of N4 billion by December 31st, 2020 set by the industry regulator, National Insurance Commission (NAICOM). Speaking on the company’s recapitalisation achievement, the Managing Director/Chief Executive Officer, Mr. Chuks Igumbor, said: “We have
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WAICA Re to support winner of CSR project with $100,000

AIICO’s rights issue records over-subscription

By Rosemary Onuoha AIICO Insurance Plc said that its rights issues recently opened to shareholders have been oversubscribed. According to the company, this is yet another milestone achievement in its recapitalization journey. In a statement, the company said: “Recently, the Company conducted its rights issue exercise listing 4,357,770,954 ordinary shares of Fifty Kobo (N0.50) each
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SUNU Assurance private placement records 100% subscription

NAICOM, NIA disagree over recapitalisation of insurance firms

By Rosemary Onuoha The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms. While NAICOM has stipulated the general capital requirements for the different categories of the insurance business and mandated that operators must meet the requirements by December 2021, the NIA is canvassing
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Mutual Benefits grows GWP by 18 per cent

Mutual Benefits gets shareholders’ nod to raise additional capital

By Rosemary Onuoha Mutual Benefits Assurance Plc has received shareholders’  approval to raise additional capital in order to meet the recapitalisation requirement of the National Insurance Commission, NAICOM. Accordingly, the underwriter is embarking on a private placement to raise additional N4.8 billion, from its existing investors who have shown interest to increase their stake to
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SUNU Assurance private placement records 100% subscription

Insurance operators bank on NAICOM portal to curb rate cutting, others

By Rosemary Onuoha Insurance operators are banking on the introduction of the National Insurance Commission, NAICOM, portal next year to curtail the menace of rate cutting and other unprofessional practices impacting negatively on turnover of companies. Rate cutting is one of the desperate but unprofessional practices adopted by some insurance firms to get business at
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African Alliance settles N1.3bn claims in two months

African Alliance Insurance Plc said it has settled claims of N1.3 billion in two months from October till date. Managing Director/Chief Executive Officer of African Alliance, Mrs. Joyce Ojemudia, disclosed this during a press interaction at the company’s office in Lagos, adding  that the only way to make insurance products tangible is for underwriting firms to pay genuine claims promptly.

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