African Alliance Insurance Plc, says its resolve to maintain its place in the insurance market will sprout from three options, and the first two are the wings it will use to fly in the flight formation with capital compliant licenced insurers.
The options outlined by the firm’s managing director, Joyce Ojemudia, at the Members Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB), it hosted in Lagos today are: accept new private investors, additional capital by existing shareholders and merger.
African Alliance chieftain said the third option would only be considered if the first two fail to click. While the wheel of recapitalisation continues to turn, Ojemudia said its claims commitment remains the “bedrock of a sustainable insurance business… where the insured and the insurer both stick to their obligations to each other without fail.”
Emphasising this commitment, she said the company had paid claims in excess of N900m between January and February this year as a mutual benefit arrangement. The strength of the company she said, is derived largely from its assets which has grown to N52bn and shareholders fund of N4bn.
It will be noted that African Alliance Insurance Company Limited was formed 6th May 1960 by two frontline insurance professional businessmen and a non insurance professional investor. Also involved in one of the foremost specialist life insurance companies in Africa, a trail blazer so to speak, was Swiss Re as a foreign investor. However, Swiss Re was not a long hauler investor.