Guinea Insurance Plc has successfully completed its recapitalisation exercise, with the company’s capital position now above the ₦15 billion minimum capital requirement for non-life insurers, following the conclusion of the verification process by the National Insurance Commission (NAICOM).
The company described the development as a major milestone in its transformation, saying the strengthened capital base will provide it with greater financial capacity to compete for larger risks and expand its presence in Nigeria’s insurance market.
According to Guinea Insurance, the recapitalisation is not an end in itself but a platform for the next phase of growth, with the company set to focus on expanding its underwriting capacity, improving customer service, developing new insurance solutions and pursuing strategic partnerships.
Commenting on the development, the Managing Director/Chief Executive Officer of Guinea Insurance, Ademola Abidogun, said the stronger capital base would enable the company to pursue bigger opportunities with greater confidence.
“Recapitalisation has given Guinea Insurance the strength to think bigger, compete harder and pursue opportunities with greater confidence. We have strengthened our capital; now we are focused on strengthening our position in the market.”
Abidogun said the company intends to play a leading role in capturing opportunities in Nigeria’s insurance industry by supporting major corporations, small and medium-sized enterprises, institutions and individuals.
He added that the insurer was prepared to provide the capacity and expertise required by businesses seeking to expand and manage risks.
The company said the completion of the exercise would also strengthen its ability to participate in larger risks, deepen relationships across the insurance value chain and develop insurance products tailored to changing customer needs.
Guinea Insurance said its next phase would be driven by disciplined underwriting, technology and innovation, operational efficiency, robust risk management and a stronger focus on customer experience.
It also plans to pursue strategic opportunities aimed at expanding its market reach while creating sustainable value for shareholders and other stakeholders.
The insurer said its objective was to translate its improved capital position into stronger market performance and increased competitiveness.
Guinea Insurance expressed appreciation to its shareholders, investors, policyholders, brokers, employees, business partners, regulators and other stakeholders for their support and confidence throughout the recapitalisation process.
With the exercise completed, the company said it was now looking beyond regulatory compliance and capital adequacy to competing for larger opportunities, serving more customers and supporting businesses across the Nigerian economy
