Universal Insurance secures ₦7.128b investment from FPNG

Universal Insurance Plc has signed a binding investment agreement with FPNG Co-Nvest Limited to receive a ₦7.128 billion equity injection via private placement. Upon completion of the transaction, FPNG will acquire a 50.1% majority stake in the company.

The capital injection is intended to help Universal Insurance meet the new minimum capital requirements set by the National Insurance Commission (NAICOM). The company noted that the deal is expected to allow it to exceed regulatory capital requirements while maintaining a robust solvency margin.

Universal Insurance has already obtained all necessary board and shareholder approvals. Management is currently engaging with NAICOM and other relevant regulators to finalize the transaction and complete the recapitalisation process.