Law Union & Rock Insurance Posts N3.5bn Gross Premium In 9 Months

By Nse Anthony-Uko (Sundiata Finance) – Law Union & Rock Insurance Plc, has posted N3.51 billion gross premium within a period of nine months, from January to September 2017. Managing Director of the firm, Mr. Jide Orimolade, who stated this at a media parley in Lagos, said this was an impressive result when compared to N3.19 billion gross premium recorded ...

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LASACO Assurance Resumes Annuities Sales

By Nse Anthony-Uko (Sundiata Finance) – LASACO Assurance PLC has resumed the underwriting of Annuity policies that would make beneficiaries earn salaries for a certain period after leaving office. The insurer re-commenced Annuity businesses in collaboration with its appointed experts, First Pension Custodian (FPC), having obtained the nod of the National Insurance Commission (NAICOM) to, again, take on the underwriting ...

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Insurance Brokers Risk Licence Loss Over Single Income Source

By Nse Anthony-Uko (Sundiata Finance) – Insurance brokers that are generating up to 50 per cent of their total income from a single source may forfeit operational licence as the National Insurance Commission (NAICOM) is not ready to grant them licence renewal. Currently, the commission is coming up with a guideline that will ensure brokers expand their tentacles to capture ...

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NAICOM To Review Minimum Capital Requirement Of Insurance Companies

By Nse Anthony-Uko (Sundiata Finance) – Insurance regulator, the National Insurance Commission (NAICOM) has disclosed its readiness to embark on a review of the minimum capital requirement of insurance companies to bring efficiency and qualitative service in the sector. The review will enable the commission understand the true capacity of all the companies and what level of risks each can ...

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Linkage Assurance Offers Comprehensive Insurance Plan To SMEs

By Nse Anthony-Uko (Sundiata Post) — Linkage Assurance Plc has promised to insure the Small and Medium Enterprises(SMEs) in the country through its ‘SMEComprehensive Insurance Plan’. The cover, according to the firm, was meant to provide financial protection to small and medium- sized businesses against an array of insurable risks for their business continuity. A statement from the insurance company ...

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Allianz Group Pays $35m For 98% Stake In Ensure Insurance

By Nse Anthony-Uko (Sundiata Finance) – Allianz Group has acquired 98 per cent stake in Ensure Insurance Plc, thus, dethroning the current core shareholder, Greenoaks Global Holdings Limited GGH). The Group is paying $35 million for 98 per cent stake in Nigerian insurer in a push for growth in Africa, where many people are uninsured or underinsured. Ensure Insurance Plc ...

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Foreign Insurers Jostle For Stake In Nigeria’s Insurance Industry

(Sundiata Finance) – Germany-based insurance giant, Allianz has become the latest foreign entrant into Nigeria’s insurance industry. Even though most local players in the industry have found Nigeria’s insurance terrain challenging, foreign players are seeing prospects in the country’s increasing infrastructure spending and burgeoning middle class. The nation’s insurance sector has attracted an estimated $100 million, equivalent to N36 billion ...

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Surge In Group Life Business Bolster Niger Insurer’s Premium Income

(Sundiata Finance) – A surge in group life business has shored up the premium income of Niger Insurance Plc for the half year-ended June 2017, propelling it 467.94 per cent to N4.43 billion. The Nigerian insurer had restructured its investment by reclassifying some investment properties to non-current assets held for sale. An efficient underwriting performance, buoyed by favourable combined ratios, ...

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Foreign Investors, Wapic In Race To Acquire Ensure Insurance

(Sundiata Finance) – The Nigerian insurance industry landscape is about to witness another major change, as three international insurers, including Hollard of South Africa, Allianz of Germany and a local Nigerian company, Wapic Insurance Plc, are jostling to acquire Ensure Insurance Plc. Ensure Insurance Plc, formerly Union Assurance Plc, was acquired three years ago by Greenoak Global Holding Limited of ...

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AIICO Insurance Commence Talks With Investors To Raise Capital

By Nse Anthony-Uko (Sundiata Finance) — More than a year after its shareholders approved that it raise its share capital up to N25 b8llion, AIICO Insurance Plc on Thursday, announced that it has commenced talks with investors willing to invest in the company. The  company secretary and legal adviser, Donald Kanu, in a statement, said AIICO has opened discussions with ...

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