Lasaco Assurance Plc has secured the approval of its shareholders to raise additional N25 billion through private placement and rights issue.
The fresh capital will push the insurance company’s minimum capital requirement from N11.084 billion to N36.084 billion.
These were agreed at Company’s Extra Ordinary General Meeting (EGM) held in Lagos, with the board given all the powers to ensure that Lasaco meets the new minimum capital requirement set for insurance and reinsurance companies in the country.
Teju Phillips, chairman of the Company speaking at the meeting said the decision was in response to the new minimum capital requirement set for players in the industry as provided in the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Phillips said, in our industry, capital base defines opportunity and we are ready to maximize it.”
She stated that, with an increased capital base and strong in-house expertise, better business naturally follows, and Lasaco is a solid company that will always meet its claims obligations.
Teju Phillips said, “The new capital requirement is an opportunity, not a challenge and we have the capacity to manage growth. Increasing our capital means expanding our business volume with confidence.”
Trusting on her shareholders to take their rights, she said, “Our shareholders have always benefited from the company, and we trust they will continue to support our progress”
Some of the key resolutions at the meeting include authorizing the directors to appoint Professional Parties, and Advisers, to finalize and execute all agreements, documents for the Private Placement and Rights Issue and to do all such acts which the Board may deem expedient to give effect to the above resolutions.”
NIIRA mandates insurance companies to increase their minimum capital requirements to N15 billion for non-life insurers N10 billion for life insurance firms N35 billion for reinsurance companies.
