BY ZAKA KHALIQ |
The shareholders of FBN General Insurance have injected additional capital of N1.04 billion into the operation of the general business insurer.
This development, however, brought the total share capital of the company to N5 billion.
Speaking on this development, the managing director/CEO of the underwriting firm, Mr Bode Opadokun, said, “By this increased share capital, FBN General Insurance is set to meeting stakeholders requirement of driving innovation in our business model, processes, products and services in this new year and beyond.”
FBN General Insurance is one of the few general insurance businesses to meet the first phase of recapitalisation as then announced by the insurance industry regulator, that is, the National Insurance Commission (NAICOM), but this directive has now been put on hold.
FBN General Insurance is a subsidiary of FBN Insurance Limited and a member of the Sanlam Group.