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Tag: Wapic Insurance

  • Wapic Insurance floats N5.93b rights issue

    Wapic Insurance Plc has launched a new capital raising programme aimed at raising about N5.93 billion from the shareholders of the insurance company.

    The new share issuance is expected to beef up the capital base of the company as insurers move to comply with industry new minimum capital requirement.

    Wapic Insurance indicated that it plans to issue 15.61 billion ordinary shares of 50 kobo each to existing shareholders at 38 kobo per share. Wapic Insurance’s share price dropped 5.41 per cent at the weekend to 35 kobo per share.

    The rights issue will be pre-allotted to shareholders on the register of the insurance company as at the close of business on Thursday September 19, 2019 on the basis of seven new ordinary shares of 50 kobo each for every six ordinary shares of 50 kobo each already held.

    Already, Wapic Insurance has submitted application to the Nigerian Stock Exchange (NSE) for regulatory approval that will allow the publicly quoted insurance company to list the additional shares to be issued under the rights issue on the NSE.

    The National Insurance Commission (NAICOM) had in May 2019 released new capital requirements for insurance businesses with a 13-month compliance period for operators to shore up their minimum capital base to the required level. The minimum paid-up share capital of a life insurance company was increased from N2 billion to N8 billion, non-life insurance from N3 billion to N10 billion, composite insurance from N5 billion to N18 billion while re-insurance companies were directed to raise their capital base from N10 billion to N20 billion. Insurance companies are required to comply fully with the new minimum capital base by June 30, 2020.

    In anticipation of increase in minimum capital requirements for insurers, shareholders of Wapic insurance had in 2017 given approval to the board of the company t raise up to N10 billion in new capital to bolster the insurance company’s capital base.

    Wapic Insurance Plc Chairman Mr. Aigboje Aig-Imoukhuede had explained that the company was being proactive with the new capital raising plan.

    “The company is approaching its shareholders at this time to seek approval to raise additional capital as a proactive step towards getting the company ready and set for a much-anticipated regulatory increase in the minimum capital of insurancecompanies,”Aig-Imoukhuede said.

    He noted that a similar regulatory capital increase was imposed on the banking industry during the consolidation era and only the banks that were proactive in raising the required capital emerged as winners.

     

  • NFF Keeps Monetary Value for Eagles Insurance Deal Secret

    The full details of the Nigerian Football Federation’s insurance deal sealed with Wapic Insurance Plc as the new official insurance service provider of the Super Eagles for five years has remain undisclosed.
    ‎President, Nigeria Football Federation (NFF) Amaju Pinnick; NFF first and second vice-president Seyi Akinwunmi and Shehu Dikko, respectively, and Aisha Falode refused to divulge the monetary value of the deal but revealed that it will run for five years.

    In attendance at the event was the Executive Director, Wapic Insurance Plc, Olufemi Obaleke; Executive Director, Wapic Insurance Plc, Bode Ojeniyi; Yinka Adekoya of Wapic Insurance Plc; ‎President, Nigeria Football Federation (NFF) Amaju Pinnick; NFF first and second vice-president Seyi Akinwunmi and Shehu Dikko, respectively, and Aisha Falode.

    The Nigeria Football Federation second vice President Shehu Dikko said during the ceremony said,

    nff-wapic-completesportsnigeria.com

    “This relationship is for 5 years with an option of renewal. They will insure all our players and events.”

    The first Vice President of the NFF, Seyi Akinwunmi, added: “WAPIC paid the first salary of the Super Eagles coach, Gernot Rohr. So this relationship did not just happen out of the blues.”

    Further questions about the insurance in place before the WAPIC deal from Amaju Pinnick and other top officials were always turned down by saying, “No Comment”

    Last Wednesday, at the Eko Hotel and Suites, Victoria Island, Lagos, the Nigeria Football Federation (NFF) signed a five-year deal which has been speculated to worth $4 million with beverage giants Coca-Cola.

    Every effort to confirm the value of the deal was prove abortive as the Cooperate Communications for the Insurance company did  not respond to media inquiry as at press time.

    NFF has history of undisclosed deal for the national team.

  • Lagos health insurance scheme commences in 2017 – Ambode

    Lagos health insurance scheme commences in 2017 – Ambode

    • Welcomes Partnership With Insurance Firms To Grow State’s GDP

    The Governor of Lagos State, Mr. Akinwunmi Ambode on Monday said the much awaited Health Insurance Scheme of the State would commence in early 2017, expressing readiness to partner with key players in the sector to use insurance to grow the Gross Domestic Product (GDP) of Lagos.

    Speaking at the commissioning of the new WAPIC Insurance Corporate Head Office, located on Awolowo Road, Ikoyi, the Governor said there was no question about the strategic importance of insurance to any economy, saying that his administration was open to policies and initiatives that would make the sector to thrive in the State.

    “The insurance business is here to stay and I want to also say that I give our government’s commitment to allow this sector to grow. I will like to partner and also learn how we can grow the GDP of Lagos through your industry. On our part, we know very clearly that early next year, we are going to start our Health Insurance Scheme and I just think that the drivers are the majority of the people who are seated here and it is important that we partner together and also learn together,” Governor Ambode said.

    While challenging the key drivers of the insurance sector to come up with draft bill that would accelerate insurance business in Lagos, Governor Ambode said he was open to initiatives that would make the sector grow and contribute positively to the growth of the State.

    He said there was great need for insurance for individuals and the legal regulatory framework to be explored and expanded with the view to ensure the growth of the sector, adding that it was important for government not to be left alone to handle all issues affecting or that should affect the sector.

    He pledged the commitment of the State Government to continually identify and support organizations such as WAPIC Insurance to accelerate the efforts at creating the new Lagos of positive dreams, assuring that as a government, his administration would explore ways to create an enabling environment for businesses to thrive.

    According to the Governor, “We are committed to introducing new incentives for businesses in Lagos to enable them grow and also support our society and take more of our youths off the street. The ease of doing business is of concern to us and as a result, we are working to improve the indices of doing business in Lagos, while we continue in our commitment to carry out judicial and security sector reforms.”

    Besides, Governor Ambode congratulated the board and management of WAPIC Insurance for adding a beautiful edifice to the State, which he said had brought total change to the landscape of the entire Awolowo Road in Ikoyi.

    He said the company had distinguished itself as one of the insurance companies that have pro-actively partnered with the State Government with insightful recommendation on key issues of governance and welfare of the people particularly in the areas of safety, security of lives and property through insurance such as relating to building collapse, fire accident, amongst others.

    Earlier in his welcome speech, Chairman of WAPIC Insurance, Mr. Aigboje Aig-Imoukhuede said from his trips across Africa, there has never been any public functionary like Governor Ambode who understands the importance of the insurance sector, saying that the knowledge came out of the deep understanding of economics and the fact that insurance is the most important economic sector of the world according to modern day reality.

    He said insurance makes the world livable and cheaper, adding that the commissioning of the new building not only signpost the transformation of WAPIC Insurance, but also the transformation of insurance sector in Nigeria to take its rightful place.

    Governor Ambode also received a donation of N20million on behalf of the Lagos State Security Trust Fund (LSSTF) from WAPIC Insurance.

  • Wapic Insurance MD resigns

    Wapic Insurance Plc has announced the resignation of Ashish Desai as Managing Director (MD).

    This was made known in a notice by the underwriting firm to the Nigerian Stock Exchange.

    The resignation took effect from July 28, this year.

    According to the firm, the resignation is in line with its succession planning policy its board of directors, intends to conclude the process of recruiting a successor before the end of the year.

    The notice read that in the interim, Bode Ojeniyi, the Deputy Managing Director (DMD), whose appointment was approved by the National Insurance Commission on March 23, this year, take over the company until a new helmsman is appointed.

     

  • Wapic Insurance bounces back with N236m net profit

    Wapic Insurance bounces back with N236m net profit

    Wapic Insurance Plc has returned to profitability as the insurance company grew its profit after tax by 214 per cent in 2014.

    Audited report and accounts of Wapic Insurance Plc for the year ended December 31, 2014 showed that the company’s profits after tax improved significantly with a 214 per cent increase to close at N236 million over the N208 million loss position recorded 2013.

    The company’s gross written premium rose by 38 per cent from N3.76 billion to N5.2 billion. Similarly, underwriting profit increased by 1272 per cent to N1.24 billion underpinned by improved risk selection and greater efficiency in managing underwriting expenses which dropped by 31 per cent relative to 2013.

    Wapic Insurance stated that it paid about N1.09 billion in claims within the financial year, a significant percentage of these relate to current period transactions of 2013/2014.

    According to the company, having paid most of the outstanding legacy claims in 2013, its efforts at implementing a structured approached to risk selection and management has begun to yield results as claims ratio improved significantly closing at 34 per cent in 2014 compared to 80 per cent in previous year.

    The company’s shareholders’ funds of N14.2 billion is up 0.15 per cent relative to 2013 position while return on equity grew by 236 per cent from corresponding period in preceding year.

    Wapic is a first generation insurance company in Nigeria having been in operation for over half a century. Recently, it became one of only 3 insurance companies in Nigeria with a risk rating following its accreditation of b- rating on financial strength by AM Best, a global risk rating company. All indications show that the company’s transformation agenda is on track while the elevated governance standard and commitment to performance for which the Chairman of the Board, Mr. Aigboje Aig-Imoukhuede is known is being brought to bear in helping to steer the Company on the path of sustainable growth.