WorldStage– Universal Insurance Plc has reaffirmed its readiness for the 2026 recapitalisation exercise saying the plans included a rights issue and private placement.
The company assured brokers of its financial strength and commitment to improved service delivery.
Managing Director, Japhet Duru, gave the assurance in Lagos while at the 2026 Members’ Evening organised by the Nigerian Council of Registered Insurance Brokers (NCRIB).
In a statement on Monday, Duru praised brokers for supporting the company’s growth. He described brokers as critical partners in the insurance value chain.
Duru said the company had begun key recapitalisation processes.
“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.
He said the company expected recognition among recapitalised firms by the National Insurance Commission.
He said the company strengthened broker relations over the past year.
According to him, service channels, communication, underwriting and claims processes all improved.
“Claims settlement remains the true test of our promise. Brokers remain the backbone of insurance distribution.
“They are not just intermediaries but trusted advisers. They are also key drivers of our growth,” Duru added. He urged brokers to sustain their partnership with the company.
Speaking earlier, NCRIB President, Ekeoma Ezeibe, praised Universal Insurance. She commended the company for sponsoring the event.
Ezeibe also noted the impressive turnout of participants. She highlighted insurance’s growing importance to Nigeria’s economy.
According to her, reforms and capital inflows are creating fresh opportunities.
She cited builders’ liability, motor insurance and goods-in-transit coverage.
She also mentioned 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 said.
Ezeibe said the council would continue supporting brokers, adding that the goal was to deepen insurance penetration through economic growth.
