BY NKECHI NAECHE-ESEZOBOR—Anchor Insurance Company Limited is pivoting toward aggressive market expansion and large-scale risk underwriting following its successful compliance with the National Insurance Commission (NAICOM) recapitalisation guidelines under the Nigeria Insurance Industry Reform Act (NIIRA) 2025.

With its capital base now standing above ₦25.5 billion—far exceeding the ₦15 billion statutory minimum for non-life insurers—the firm has unveiled a strategic post-recapitalisation growth plan aimed at scaling its operations and elevating customer experience.

Speaking on the milestone, Managing Director and CEO Dr. Ebose Augustine Osegha outlined the company’s forward-looking strategy, emphasizing that the bolstered balance sheet equips Anchor Insurance to handle larger, more complex risk portfolios across critical economic sectors.

“For Anchor Insurance, this milestone means stronger capacity to underwrite larger and more complex risks, enhanced claims-paying ability, greater confidence for our customers and business partners, expanded opportunities for growth and innovation, and continued compliance with the highest regulatory standards,” Dr. Osegha stated.

The insurer’s growth plan prioritizes continuous innovation in product design, faster claims settlement workflows, and enhanced digital and physical touchpoints to deepen market penetration. Dr. Osegha noted that the enhanced financial buffer directly translates into greater risk-bearing reliability for policyholders and institutional partners.

Expressing appreciation to customers and corporate partners whose trust supported the firm through the recapitalisation process, the MD reaffirmed the company’s long-term market vision:

“As we embark on this new chapter, we remain steadfast in our mission to protect what matters most and to remain the insurance company of choice today and for generations to come.”

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BY NKECHI NAECHE-ESEZOBOR—As Nigeria’s insurance industry approaches the 2026 recapitalisation exercise, Universal Insurance Plc has expressed strong confidence in its ability to exceed regulatory capital requirements, while reassuring brokers of its continued commitment to service delivery and partnership.

The recapitalisation initiative follows the Presidential assent to the Nigeria Insurance Industry Reform Act (NIIRA) on August 5, 2025. The reform is designed to strengthen the regulatory framework, enhance policyholder protection, deepen insurance penetration, and ensure that underwriting firms meet their statutory obligations, particularly in claims settlement and risk coverage.

Speaking at the April 2026 edition of the Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening held in Lagos, the Managing Director/CEO of Universal Insurance Plc, Dr. Japhet Duru, emphasized the critical role brokers play in the company’s growth and success.

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He described brokers as “the backbone of insurance distribution,” noting that they remain trusted advisors to clients and key drivers of industry expansion. According to him, Universal Insurance has continued to strengthen its relationship with brokers through improved service delivery channels, enhanced communication, streamlined underwriting processes, and faster turnaround times—especially in claims settlement.

Addressing concerns around recapitalisation, Dr. Duru disclosed that the company is already taking concrete steps toward meeting the new capital requirements.

He revealed that Universal Insurance is finalizing documentation to commence a Rights Issue and private placement, with strong backing from existing shareholders.

“We have received commitments from many of our shareholders not only to retain their shares but to increase their stakes. In fact, the level of interest suggests we may have to refund some funds after the exercise due to oversubscription,” he said.

This development signals a strong vote of confidence in the company’s financial health and positions it as a likely contender among firms expected to meet the recapitalisation threshold set by the National Insurance Commission (NAICOM).

Also speaking at the event, the President and Chairman of Council of NCRIB, Barr. (Mrs.) Ekeoma Ezeibe, commended Universal Insurance for sponsoring the event and acknowledged the impressive turnout of industry stakeholders.

She highlighted the broader economic reforms shaping Nigeria’s business environment, noting that recent policy changes are creating new opportunities for insurance growth. According to her, foreign exchange market reforms have improved transparency, with a reported 41 percent year-on-year increase in capital inflows in the first quarter of 2026.

Ezeibe further noted that savings from subsidy reforms are being channeled into infrastructure projects such as the Lagos-Calabar Coastal Highway, new industrial roads, and the Presidential CNG Initiative—developments that are generating significant insurable assets.

“These reforms are unlocking value across sectors. New infrastructure requires builders’ liability insurance, CNG fleets need motor and goods-in-transit covers, and growing SMEs require group life and asset protection policies. Insurance is fast becoming critical economic infrastructure,” she said.

She urged brokers to position themselves strategically to harness these emerging opportunities, assuring that NCRIB will continue to support members in converting national economic growth into increased insurance penetration.

The event also featured a comedy performance by popular Nigerian comedian Igwe, adding a lively touch to the gathering. It was attended by notable industry figures, including past NCRIB presidents Mr. Sola Tinubu and Prince Babatunde Oguntade, as well as the immediate past president of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti.

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