Five insurance companies have indicated that they would be raising about N75bn additional capital from the market as part of efforts to meet the new minimum capital requirement, The PUNCH can report.
According to their corporate filings on the Nigerian Exchange Limited, most have received board-level approval and are now seeking the approval of shareholders to go ahead with the capital-raising efforts.
These underwriters include SUNU Assurances, Sovereign Trust Insurance, Linkage Assurance, Guinea Insurance and Veritas Kapital Insurance.
To achieve their aim, they plan rights issues, public offers and private capital placement, while the regulator, the National Insurance Commission, has also revealed that mergers have been approved by some boards.
In the past week, Guinea Insurance informed the investing public that it would be holding an Extraordinary General Meeting to seek shareholders’ approval to raise up to N15bn in additional capital for the company.
