NAICOM approves two new takaful insurance firms for take off
Adesola Afolabi
September 9, 2019
The National Insurance Commission (NAICOM) has granted approval in principle (AIP) to two new firms. A statement issued by Rasaaq Salami, head, corporate affairs of the Commission, revealed the names of the firms as Cornerstone Takaful Insurance Company Ltd and Salam Takaful Insurance Company Ltd. The companies will operate as composite Takaful operators to transact […]
Consolidated Hallmark Insurance hints N4bn capital raise to meet recapitalisation requirements
Adesola AfolabiAugust 27, 2019
Eddie Efekoha, chief executive officer Consolidated Hallmark Insurance Plc., has disclosed that the company will visit the market towards raising N4 billion to meet its capital requirements. In his address to brokers at the 2019 August members evening held Tuesday in Lagos, Efekoha said the recapitalisation directive from the NAICOM requires that the company has […]
AIICO announces Babatunde Fajemirokun as new MD/CEO
Adesola AfolabiAugust 14, 2019
Babatunde Fajemirokun is the new managing director and chief executive officer of AIICO Insurance Plc. His appointment was announced by the company through a regulatory filing at the Nigerian Stock Exchange, Wednesday. According to the statement, Fajemirokun’s appointment is effective from Today (Wednesday), August 14, 2019. Read Also: AIICO to underwrite agriculture risks following NAICOM […]
Investment firm, Eaton, increases stake in NEM Insurance, eyes board position
Businessam StaffSeptember 10, 2018
Eaton Acquisitions Limited, an investment company has increased its stake in NEM Insurance to 9 percent, days after it announced the acquisition of 4 percent of the insurance company, business a.m. has learnt. Olaleye Adeyinka, Eaton Acquisitions’ managing director while expressing confidence in the ability of current NEM’s leadership, said his company is desirous of […]
Staco Insurance appoints Jackson, Etti & Edu company secretary
Adesola AfolabiAugust 7, 2018
Staco Insurance Plc. Tuesday announced the appointment of Messrs Jackson, Etti & Edu as the company’s secretary following the resignation of Taiwo Ogunbanjo, who had erstwhile occupied the same position. The appointment which took effect immediately after the conclusion of a board of directors meeting held in Lagos on 30th of July 2018, comes on […]
NEM Insurance grows PBT 20.7% in H1 2018
Afolabi OluwaseunJuly 24, 2018
NEM Insurance Plc. has announced a 20.7 growth in its profit before tax (PBT) for the financial half-year ended 30 June 2018. PBT of the insurance company grew from N1.4 billion in June 2017 to N1.7 billion in June 2018 on account of a 12 percent increase in gross premium written and a 62 percent […]
Universal Insurance cites late NAICOM’s approval for continued delay in release of FY2017 results
Afolabi OluwaseunJuly 12, 2018
Universal Insurance Plc., has said late approval of its accounts by the regulatory authorities including the National Insurance Commission (NAICOM) is the main reason for the continued delay in the release of its full year 2017 results. The insurance company disclosed this Thursday in a notice to stakeholders and the general public, saying that it […]
African Alliance Insurance settles N8bn claims in 2017
Businessam StaffApril 18, 2018
African Alliance Insurance Plc has announced that it paid N8.69 billion in claims settlement in 2017, a 32.5 percent increase from the N6.56 billion paid in 2016. The company also recorded a gross premium income of N6.29billion in 2017. The figures were released by the Funmi Omo, Managing Director, in reaction to a recently published […]
Nigeria AIICO Insurance fails to meet NSE deadline on audited financial statement
Businessam StaffApril 6, 2018
Aiico Insurance, a leading insurance company in Nigeria, announced Thursday that it would not be meeting the deadline set by the Nigerian Stock Exchange to file its audited financial statement for FY2017 due to limited information available to them and some delays from conclusions. The company, in a statement released on the Nigerian Stock Exchange […]
Zurich Insurance plans $5bn allocation to impact investments
Businessam StaffNovember 23, 2017
Zurich Insurance Group AG plans to more than double its allocation to impact investments, earmarking $5 billion for a broader range of assets after devoting $2 billion to green bonds in recent years. While it didn’t specify a period, Zurich plans to buy bonds that finance social projects and the sustainable use of resources, as […]