In a bid to be ahead in its underwriting service, the management of Equity Life Insurance Company has settled N40.9 million claims in the first quarter of 2006.

The Company paid a total of N115.2 million during 2005 operating year.

Equity Life is at present discussing with investors to source for N1.5 billion in order to recapitalise in accordance with federal government new capital requirement for insurance companies operating in the insurance industry.

The company’s managing director, Seyi Ifaturoti, said Equity Life is determined to meet February 28, 2007 deadline for insurance companies to recapitalise.

Ifaturoti added that the company would become one of the industry’s Mega Life companies during post- consolidation era.

With a mission to be a caring friend and dependable insurer, providing quality and innovative life assurance, pensions and related financial services, Equity Life is poised to complete its recapitalisation programme by the end of September.

To actualise this, N500 million is currently being sourced through existing shares and right issues while the balance of N1.5 billion.

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The Tide Online is published by Rivers State Newspaper Corporation