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Cornerstone Insurance Plc is well positioned to handle any recapitalisation measures that may be introduced by the National Insurance Commission, according to the firm's Managing Director, Stephen Alangbo.
The company believes this will enhance its financial stability, expand its underwriting capacity, and enable investments in new technologies and innovative products.
Cornerstone remains committed to becoming the leading insurance-based financial services group, operating responsibly and sustainably to create long-term value for all stakeholders.
The firm will continue to innovate, invest in its people and technology, and maintain integrity while responding to the evolving needs of customers and communities.
The Nigerian Insurance Industry Reform Bill 2024 seeks to increase the minimum capital requirement for life insurance companies from N2bn to N15bn, and for general business from N3bn to N25bn.
The reinsurance business will also increase from N10bn to N45bn. This comes amid an ongoing recapitalisation exercise by Nigerian banks.
At the company's AGM, shareholders expressed concerns about the recapitalisation move and its impact on the business.
The company's chairman stated that the firm is targeting to improve insurance penetration in Nigeria by boosting its retail business.
