By Bisi Bamishe
Alliance & General Insurance Plc has achieved a significant milestone with the successful completion of its recapitalization exercise, reaffirming the Company’s financial strength, regulatory standing and readiness for the next phase of growth.
The Company successfully exceeded the ₦15 billion minimum capital requirement prescribed by the National Insurance Commission (NAICOM) for non-life insurance companies under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Following the successful exercise, the Managing Director/Chief Executive Officer of Alliance & General Insurance Plc, Felicia Bolajoko David, received the Company’s new Certificate of operations from the Commissioner for Insurance and Chief Executive Officer of NAICOM, Segun Omosehin.
The achievement represents more than a regulatory milestone. It signals the beginning of a stronger chapter for Alliance & General Insurance Plc, with enhanced capacity to underwrite larger risks, pursue new opportunities and deliver greater value to customers.
Commenting on the development, Felicia Bolajoko David expressed appreciation to NAICOM and all stakeholders who contributed to the successful completion of the recapitalization exercise.
She reaffirmed the Company’s commitment to providing prompt, innovative and excellent insurance solutions, noting that the strengthened capital base will enable the Company to respond more effectively to the evolving needs of its customers and the Nigerian market.
“Our recapitalization is not simply about meeting a regulatory requirement. It is about building a stronger institution with capacity, resilience and confidence to serve our customers better and embrace the opportunities ahead.”, she added.
With its enhanced financial capacity, Alliance & General Insurance Plc is better positioned to strengthen its market presence, embrace emerging opportunities and provide dependable insurance solutions to individuals and businesses across Nigeria.
The Company will continue to leverage innovation, efficient service delivery and customer-centricity as it builds on this new foundation and advances its ambition of becoming a stronger and more competitive player in Nigeria’s insurance industry.
