Underwriting firm, Unitrust Insurance Company Limited said the ongoing recapitalisation of the insurance industry is a welcome development, and one that will enable it achieve its long term strategic goals of value addition to owners and other stakeholders.
The company is positive that, not only will it be there post recapitalisation, but it will emerge a mega firm following its plan for business combination with like fellows.
Unitrust, a general business underwriter already has over N6 billion paid up share capital that has enable it scale through the December 2020, benchmark of 50 percent compliance.
John Ijerheime, managing director/CEO, Unitrust Insurance made the disclosure during a Webinar interactive session with the press in Lagos.
He said the purpose of the recapitalisation exercise is to have fewer companies that are financially strong and viable that can easily meet obligations.
“Stronger companies are expected to emerge and that will increase their capacities to take more businesses thereby reduce the incidents of capital flight especially of insurance premium and business from our country to other developed countries as being experienced currently. Also, monies that will be available to companies after the exercise will be used to improve on IT and other needed growth infrastructures.”
Ijerheime said “for us at Unitrust, it’s a welcome development and we are fully prepared to be part of the new and stronger companies that will emerge post recapitalization. We have the support of all stakeholders towards achieving this goal.”
According to him, the recapitalization exercise will help boost the Company’s long-term strategic goals of value addition to our owners and other stakeholders.
“The exercise will see Unitrust Insurance as a big player in the insurance industry taking bigger risk while playing in the global market. Our strategy is to progressively grow our market share and become a market leader by continually identifying, meeting and exceeding customer’s expectation through operational efficiencies and rendering excellent customer service.”
We will remain true to our vision which is to create value to our stakeholders by ethically delivering diffenciated products and partnering with clients to proactively manage their risk, he said.
“Also, we will continue to work at delivering continuous growth using our people and leveraging on technology. Our business model will be driven by structural analysis of our strengths, weaknesses, opportunity, and Threats (SWOT) for responsive bonding. We will pursue the corporate Business, High-Net worth individuals as well as Retail segments of the market, the MD said.
According to him, the company will adopt the following strategies to increase its premium income going forward market expansion, retention of clients, improve customer service, develop alternative channels, retail penetration and direct business, as well as leverage on technology and insure tech and products development.
“This is what we hope to achieve as a company, it is in line with our strategic growth plans, the CEO said.
