The board and management of UNIC Insurance Plc has concluded plans to raise funds from the capital market in order to meet the new capital base requirement for composite insurance companies and more importantly seize the opportunities that will exist after the reforms in the insurance industry are concluded.

The company’s chairman, Ernest Shonekan, said it is a deliberate step towards fulfilling the directive of the federal government for insurance companies to raise their capital base.

The company has decided to commence phased strategies in order to achieve this objective. The unitial phase involves plan to raise N2.2 billion through a public offer for subscription while the second phase will focus on merger with companies with distinct competences and similar ambition.

Also, at the quotation meeting of the Nigerian Stock Exchange (NSE) held recently in Lagos, approval was given for UNIC to proceed with its offer plans by a committee that had the council’s President, Raymond Obieri and Ndi Okereke- Onyuike in attendance.

UNIC shareholders funds, at present, stand at N1.3 billion and upon execution of the phased strategies, a combined shareholders fund in excess of N5 billion is expected to be achieved.

The company was incorporated in April, 1965, to transact non-Life, insurance business and later became a composite insurance company in 1994 following its merger with United Nigeria Life Insurance Company.

Aside its core area of competence that is Life and non-Life insurance business, UNIC Insurance has strong presence in the Health Insurance and Financial Services Sector.

Its strength lies in the health sector where this has been amplified by its strategic alliance with BUPA, a leading global health services provider and further demonstrated this through its wholly -owned subsidiary, Critical Rescue International (CRI).

This alliance has also enhanced the pedigree of the company’s health plan, Unic health which already enjoys the nod of the National Insurance Commission (NAICOM).

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The Tide Online is published by Rivers State Newspaper Corporation