· Prestige Assurance Plc has announced N6.82bn rights issue calling for investments
· The rights issue was in compliance with a new recapitalisation and increased minimum capital requirement for all insurance companies in Nigeria as mandated by National Insurance Commission.
Prestige Assurance Plc has announced N6.82bn rights issue calling for investments. Speaking at an investors’ forum in Lagos, the Chairman of the company, Dr Adedoyin Salami, urged existing shareholders of the company also to increase their stakes in the company. He added that the rights issue was in compliance with a new recapitalisation and increased minimum capital requirement for all insurance companies in Nigeria as mandated by the National Insurance Commission.
Prestige Assurance Plc’s current admissible issued and paid-up capital stood at N3.8bn (as defined by NAICOM).it has embarked on this recapitalisation exercise to raise N6.8bn via rights issue to meet up with the new industry requirement I line with the strategic plans of the company to continue on its growth trend. The proceeds of this rights issue will be deployed to strategic initiatives that will expand the company’s business. This will include an increase in underwriting capacity, expansion of branch network, investment in new technology, boosting research and development for new products relevant to the market.
The chairman revealed that the company’s gross premium written rose by 152 per cent between 2015 and 2019. the company. The shareholder’s fund stood in excess of N8.4bn as of December 31, 2019. The company enjoyed the reputation of being a reputable insurer in the nation’s landscape maintaining its good performance even under the most difficult circumstances.
