Universal Insurance Close To Meeting New Capital Requirement- Ujoatuonu

Yemisi Izuora

Universal Insurance Plc, is close to meeting the new capital requirement under the ongoing recapitalization exercise being driven by the National Insurance Commission, NAICOM.

According the firms Managing Director, Chief Executive Officer, Dr. Ben Ujoatuonu, “Universal Insurance Plc has been trading with capital in far excess of the current N3 billion. With the introduction of the new capital regime, we need just a little margin to meet the required level of N10 billion.

“The company is finalising arrangements with major shareholders to meet the new capital through rights issue. This exercise we believe will be concluded shortly.” he said.

The underwriting firm is also expanding its presence in more states to boost insurance accessibility in the country.

Ujoatuonu, said this during the members’ evening programme of the Nigerian Council of Registered Insurance Brokers, NCRIB, in Lagos.

He said, “Our key strategy to grow our business for this year is to expand our market. In pursuit of this strategy, we are opening up more branches in Uyo, Apapa, and Kano. We have also expanded our marketing units within the Head office.

“Apart from the core conventional Insurance business, our retail operations have been fully developed and is anchored completely on technology.”

He noted that the company was one of the oldest insurance companies in Nigeria, operating for over 61 years.

In the area of digital innovation, he said it had applications that were compliant and friendly, especially in compliance with latest Web Aggregators’ guideline.

The President, NCRIB, Rotimi Edu, however, assured Universal Insurance of support.

While welcoming a prominent Nollywood actor, Mr Segun Arinze, at the event, he said, “The presence of Mr Arinze in our meeting is strategic, even though he may wish to give us a taste of his acting skill.

“However, we are most pained whenever the news of the death of any actor or actress filters to the public, hence the rationale behind our desire to forge a collaboration with members of the movie industry, commencing with this engagement.”

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