Nigeria: Operating License - Guinea Insurance Positions for Market Leadership

Ebere Nwoji

Guinea Insurance is one of the seven companies issued with new operating license by the National Insurance Commission (NAICOM). This follows successful completion of its recapitalisation exercise.

The company in a statement said with its capital position now above the N15 billion minimum capital requirement for non-life insurers, following the conclusion of the verification process by NAICOM, this marks a defining moment in the company's transformation process and positions the company with the financial strength, underwriting capacity and strategic platform to compete more aggressively, pursue larger opportunities and play a leading role in Nigeria's insurance market.

"For Guinea Insurance, recapitalisation is not the destination. It is the platform for growth. The company is now focused on converting its enhanced capital position into greater underwriting capacity, stronger customer propositions, improved service delivery, strategic partnerships and sustainable market growth, the Managing Director/Chief Executive Officer, Mr. Ademola Abidogun stated.

According to him, recapitalisation has given Guinea Insurance the strength to think bigger, compete harder and pursue opportunities with greater confidence.

"We have strengthened our capital; now we are focused on strengthening our position in the market. Nigeria is a market of enormous opportunities, and Guinea Insurance intends to be at the forefront of capturing those opportunities. Whether it is supporting major corporates, SMEs, institutions or individuals, we are ready to provide the capacity, expertise and confidence that businesses need to grow," he stated.

He said the completion of the recapitalisation also reinforces Guinea Insurance's ambition to become a more competitive, innovative and customer-focused insurer, with increased capacity to participate in larger risks, develop relevant insurance solutions and deepen its relationships across the insurance value chain.

He said the company would build on this stronger foundation through disciplined underwriting, technology and innovation, operational excellence, robust risk management and a relentless focus on customer experience.

He said it would also pursue strategic opportunities that expand its market reach and create sustainable value for shareholders and other stakeholders.According to Abidogun, the objective is clear: to turn capital strength into market strength.

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