By Yemisi Izuora-lagos
Nigeria’s brightening financial standing has been underscored again as Wapic Insurance Plc a full line service provider in the industry, headquartered in the country and with operations in Ghana got global rating.
Consequently, Wapic has joined a exclusive list of Nigerian insurance companies to be graded by international credit rating agency, A.M. Best. The leading global insurance rating agency based in the United Stated, rated Wapic Insurance Plc B; an affirmation of the Company’s financial strength. This is further reinforced by an Issuer Strength Rating (ISR) of BB- which was also credited to the Company.
Wapic thus becomes only one of the third rated insurance companies in Nigeria
The rating grade assigned to Wapic underscores itsenhanced underwriting capabilities, performance and its strong enterprise risk management framework. The rating also recognizes Wapic’s respectable liquidity position and strong risk-adjusted capitalization underpinned by the firm’s improved assets quality. Stemming from these, the Company was assigned a stable outlook as its overall rating.
AM Best was cautiously optimistic that the rating assigned to Wapic, which is contingent on the successful implementation of the company’s corporate strategy will improve in the medium term given its strong execution capabilities.
A statement by the company said: “After more than half a century of operation, recent strategic institutional actions are beginning to open a new phase in the history of Nigeria’s oldest insurance company, Wapic Insurance. The firm which is arguably Sub-Saharan Africaâs strongest insurance franchise had operated at sub-optimal level for decades, and offered stakeholders lesser than they deserved as a result of unfair valuation of its stocks but this trend has been reversed by the ingenuity and vision of its new a management team