Universal Insurance gets N7.1bn boost for recapitalisation
Universal Insurance Plc has announced a major equity investment to strengthen its capital base. The company secured N7.128bn from FPNG Co-Nvest Limited through a private placement. This deal will give FPNG a controlling stake in the insurer. Universal Insurance says it is working with regulators to complete the process and meet all requirements.
TLDR
- Universal Insurance Plc secured a N7.128bn equity investment from FPNG Co-Nvest Limited.
- The investment will give FPNG a 50.1% majority stake, making it the controlling shareholder.
- The company is engaging with the National Insurance Commission and other regulators for necessary approvals.
- Board and shareholder approvals for the transaction have already been obtained.
- The investment aims to help Universal Insurance exceed regulatory capital requirements and maintain a strong solvency margin.
