BY NKECHI NAECHE-ESEZOBOR—Alliance & General Insurance Plc has completed its recapitalization exercise, exceeding the ₦15 billion minimum capital requirement set by the National Insurance Commission (NAICOM) under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The commission has also issued the insurer a new operating certificate, solidifying its financial standing in the industry.
Following the successful exercise, the Managing Director/Chief Executive Officer of Alliance & General Insurance Plc, Felicia Bolajoko David, received the company’s new certificate of operation from the Commissioner for Insurance and Chief Executive Officer of NAICOM, Segun Omosehin, in Abuja.
The company noted that the achievement is more than a regulatory milestone and signals the beginning of a stronger chapter for the firm, with an enhanced capacity to underwrite larger risks, pursue new opportunities**,** and deliver greater value to customers.
Commenting on the development, Mrs. David expressed appreciation to the commission and all stakeholders who contributed to the successful completion of the recapitalization exercise.
She reaffirmed the company’s commitment to providing prompt, innovative**,** and excellent insurance solutions, noting that the strengthened capital base will enable the company to respond more effectively to the evolving needs of its customers and the Nigerian market.
“Our recapitalization is not simply about meeting a regulatory requirement. It is about building a stronger institution with capacity, resilience and confidence to serve our customers better and embrace the opportunities ahead.”
She added that with its enhanced financial capacity, the company is better positioned to strengthen its market presence, embrace emerging opportunities**,** and provide dependable insurance solutions to individuals and businesses across Nigeria.
“The Company will continue to leverage innovation, efficient service delivery and customer-centricity as it builds on this new foundation and advances its ambition of becoming a stronger and more competitive player in Nigeria’s insurance industry.”
