WorldStage– Universal Insurance Plc has entered into a binding investment agreement with FPNG Co-Nvest Limited (FPNG) under which the investor will inject ₦7.128 billion in equity capital into the company through a private placement.
Upon completion of the transaction, FPNG will acquire a majority equity stake of 50.1% in Universal Insurance.
In a market update released on Friday signed by Company Secretary Chinedu Onyilimba, Esq., on behalf of the Board, the company stated that the Board and Management are advancing engagements with the National Insurance Commission (NAICOM) and other relevant regulators regarding the transaction.
Once concluded, the deal is expected to enable Universal Insurance to exceed its regulatory capital requirements while maintaining a robust solvency margin.
The company confirmed that it has obtained all necessary board and shareholder approvals for the investment.
It said it remains committed to complying with all applicable regulatory requirements and will continue to work closely with NAICOM on the next steps in the recapitalisation process.
Universal Insurance said it will keep the Nigerian Exchange (NGX), its shareholders and the investing public informed of any material developments in line with NGX Issuers’ Rules and other regulatory obligations.
