Lagos: Universal Insurance Plc has reaffirmed its readiness for the 2026 recapitalisation exercise. The company assured brokers of its financial strength and commitment to improved service delivery.
According to News Agency of Nigeria, Managing Director, Mr. Japhet Duru, made the assurance in Lagos during the 2026 Members’ Evening organised by the Nigerian Council of Registered Insurance Brokers (NCRIB). In a statement, Duru praised brokers for supporting the company’s growth, describing them as critical partners in the insurance value chain.
Duru announced that the company had initiated key recapitalisation processes, including plans for a rights issue and private placement. “We have secured strong commitments from our shareholders. Many are willing to retain and increase their stakes. In fact, the level of commitment may exceed our requirements,” he said. Duru expressed confidence in meeting the regulatory capital threshold and anticipated recognition among recapitalised firms by the National Insurance Commission. He highlighted improvements in service channels, communication, underwriting, and claims processes over the past year.
Duru emphasized the importance of claims settlement as the true test of the company’s promise, noting that brokers remain the backbone of insurance distribution. “They are not just intermediaries but trusted advisers. They are also key drivers of our growth,” he added, urging brokers to sustain their partnership with the company.
Earlier, NCRIB President, Ms. Ekeoma Ezeibe, praised Universal Insurance for sponsoring the event and commended the impressive turnout of participants. She highlighted the growing importance of insurance to Nigeria’s economy, noting that reforms and capital inflows are creating fresh opportunities. Ezeibe cited builders’ liability, motor insurance, and goods-in-transit coverage, as well as performance guarantees across infrastructure projects.
“Insurance is now economic infrastructure. These reforms are creating insurable assets at scale. Brokers must position themselves to harness these opportunities,” she stated. Ezeibe affirmed the council’s commitment to supporting brokers, with the goal of deepening insurance penetration through economic growth.