Sovereign Trust Insurance Plc, has said that it has successfully met the new recapitalisation requirement for non-life insurance companies prescribed by the National Insurance Commission (NAICOM), under the Nigeria Insurance Industry Reform Act, (NIIRA) 2025.
The company said this feat has reinforced its financial strength and commitment to long-term growth.
The Managing Director/Chief Executive Officer of the firm, Dr. Lucas Durojaiye, in a statement said this achievement achievement marked another significant milestone in the Company's journey of building a stronger, more resilient and future-ready insurance business, while positioning it to take advantage of emerging opportunities within Nigeria's evolving insurance market.
Durojaiye, said the Company's achievement reflected the confidence of its shareholders and stakeholders in its strategic direction and growth prospects.
"Meeting the new recapitalisation requirement is a significant milestone for Sovereign Trust Insurance Plc. It demonstrates the strength of our business, the confidence of our shareholders and our commitment to maintaining the highest standards of financial capacity and corporate governance," he said.
He said remaining focused on delivering sustainable value to policyholders, shareholders, brokers, agents and other stakeholders, while leveraging technology, innovation and customer-centric solutions to deepen insurance penetration across Nigeria was uppermost in its mind.
