Home Business Insurance World Sovereign Trust Insurance Meets NAICOM’s New Recapitalisation Threshold, Reaffirms Market Confidence
Insurance World

Sovereign Trust Insurance Meets NAICOM’s New Recapitalisation Threshold, Reaffirms Market Confidence

Share
Dr. Lucas Durojaiye, MD/ CEO STI
Share

 BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance Plc, has successfully met the new recapitalisation requirement for non-life insurance companies prescribed by the National Insurance Commission (NAICOM),under the Nigeria Insurance Industry Reform Act, (NIIRA) 2025.

This feat has reinforced the Company’s financial strength and commitment to long-term growth.

The achievement marks another significant milestone in the Company’s journey of building a stronger, more resilient and future-ready insurance business, while positioning it to take advantage of emerging opportunities within Nigeria’s evolving insurance market.

Commenting on the development, the Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, Dr. Lucas Durojaiye, said the Company’s achievement reflects the confidence of its shareholders and stakeholders in its strategic direction and growth prospects.

in his words, “Meeting the new recapitalisation requirement is a significant milestone for Sovereign Trust Insurance Plc. It demonstrates the strength of our business, the confidence of our shareholders and our commitment to maintaining the highest standards of financial capacity and corporate governance.”

“We remain focused on delivering sustainable value to our policyholders, shareholders, brokers, agents and other stakeholders, while leveraging technology, innovation and customer-centric solutions to deepen insurance penetrationacross Nigeria.”

The Company noted that the recapitalisation milestone provides a stronger platform to support its strategic ambitions, enhance underwriting capacity and participate more effectively in opportunities across key sectors of the Nigerian economy.

According to the MD/CEO, the Company’s focus will remain on sustainable growth, prudent risk management, operational efficiency, digital transformation and superior customer experience, while maintaining a strong commitment to regulatory compliance. The achievement also underscores Sovereign Trust Insurance Plc’s confidence in the future of the Nigerian insurance industry and its determination to contribute meaningfully to the development of a stronger, more inclusive and resilient insurance sector.

Sovereign Trust Insurance Plc has over the years demonstrated an uncompromising stance on professionalism providing a broad range of general insurance solutions to individuals, businesses and institutions. The Company is committed to delivering innovative, reliable and customer-focused insurance solutions while creating sustainable value for all its stakeholders.

Share
Related Articles

Guinea Insurance Positions for Next Growth Phase Following NAICOM Recapitalisation Approval

BY NKECHI NAECHE-ESEZOBOR—Emerging from National Insurance Commission, (NAICOM), sector-wide recapitalisation drive with...

NAICOM Recapitalisation: Policarp Didam Commends NAICOM, Warns Ministry of Finance Against Interference

BY NKECHI NAECHE-ESEZOBOR—Policarp Didam, former Managing Director of Royal Exchange Prudential Life...

Sovereign Trust, Guinea Insurance, 5 Others Join Verified List in Final Recapitalization Clearance

BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance Plc and Guinea Insurance Plc are among...

Unitrust Insurance Celebrates 40 Years Of Trust, Reaffirms Commitment to Stakeholders

Unitrust Insurance Company Limited is celebrating its 40th Anniversary , marking four...