SUNU Assurances Nigeria Plc, a member of SUNU Group, says it will exceed the N10bn regulatory requirements on recapitalisation to underwrite all classes of general business.
In a statement, the Managing Director of the company, Mr Samuel Ogbodu, told insurance brokers during the brokers’ monthly event titled, ‘Engagement with Brokers in Abuja and its environs.’
He said in order to meet the National Insurance Commission’s recapitalisation requirement of N10bn capital base for general business, the company was going through the route of right issue.
He added that the Sunu Group based in Paris, France, owned 65 per cent of the company and that; it had secured the firm’s commitment to pick up the 65 per cent of the right issue.
The managing director explained that the company operated with a recently increased authorised share capital of N7bn.
He also said it had submitted its recapitalisation plan and approval obtained from NAICOM.
Ogbodu disclosed that when SUNU bought into the hitherto Equity Assurance, it increased the authorised and paid up capital to N7bn.
He said, “Nigeria is pivotal to the growth and expansion of SUNU Group in Africa and they have submitted their recapitalisation plan as instructed by NAICOM. The commission has duly acknowledged the plan and letter of no objection was issued.
“The company is committed to the principle of corporate governance and code of best practices. The board is committed to full disclosure and transparency in the conduct of the company’s activities. The company has in place a robust, dedicated and competent management team that see to the day to day management of the company.”
He explained that SUNU was incorporated as Equity Assurance Nigeria on December 13, 1984 and was licensed to underwrite all classes of general business.
“The company changed its name from Equity Assurance Plc to SUNU Assurances Nigeria Plc with due approval from the shareholders and its regulator, NAICOM. The approval was dated 29th March, 2018 and a new licence was issued by NAICOM.
“Presently, Abuja market size is valued at N7.5bn in 2018 with 61 brokers. Our share is N184m representing 2.45 per cent of the market and 35 brokers. Our company has been serving the market with prompt claims payments of N169m representing 20 per cent of the premiums generated over the past 5 years.”
He said the SUNU Group with headquarters in Paris, France and SUNU Assurances Nigeria Plc was here to stay and to conduct insurance activities as a profession and as a business.