BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM), has confirmed Veritas Kapital Assurance Plc full compliance with the minimum capital thresholds mandated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The confirmation follows the successful completion of the insurance industry’s recapitalisation exercise and represents a significant milestone strengthening its long-term growth journey.
The achievement, according to the company reflects the confidence and continued support of the Company’s shareholders and investors, as well as the strategic direction provided by the Board and the commitment of Management and employees towards building a stronger, more resilient and future-ready insurance institution.
Commenting on the milestone, the Managing Director/Chief Executive Officer of Veritas Kapital Assurance Plc, Dr. Adaobi Nwakuche, said: “The successful completion of our recapitalisation journey and NAICOM’s confirmation of our compliance with the prescribed minimum capital requirements represent an important milestone for Veritas Kapital Assurance.
She noted that the achievement reflects the confidence of our shareholders and investors, the strategic guidance of our Board, and the dedication and resilience of our Management and employees.
She emphasized that with a strengthened capital base, Veritas Kapital is well positioned to pursue sustainable growth, enhance its capacity to underwrite larger and more complex risks, deepen customer confidence, and create greater value for our customers, brokers, business partners, shareholders and other stakeholders.”
Dr. Nwakuche noted that the milestone marks the beginning of a new phase in the Company’s growth journey and reinforces its commitment to delivering innovative insurance solutions, improving customer experience, strengthening operational excellence and supporting Nigeria’s economic development.
“As the insurance industry enters a new era of stronger capitalisation and enhanced resilience, our focus will remain on disciplined growth, sound risk management, service excellence and the delivery of dependable protection to our customers.
“We are committed to leveraging our strengthened position to support businesses, protect assets and contribute meaningfully to the growth and development of the Nigerian economy.”
The recapitalisation exercise was undertaken pursuant to the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and was designed to strengthen the financial capacity, resilience and long-term sustainability of insurance and reinsurance companies operating in Nigeria.
Veritas Kapital Assurance’s successful compliance further reinforces its position as a trusted non-life insurance provider, with the capacity and ambition to support the evolving needs of individuals, businesses and institutions across key sectors of the economy.
As the Company enters this new phase, it remains committed to prudent financial management, strong corporate governance, innovative solutions, efficient claims service and the delivery of sustainable value to all stakeholders.
