Guaranty Trust Assurance plc was incorporated in June 1989 as Heritage Assurance Company Limited and registered by NAICOM as a non-life insurance Company. In the second half of 2002, Guaranty Trust Bank plc acquired a majority interest in Heritage Assurance, thereby increasing its paid up capital from N 3.6 million to N100.06 million, with a view to repositioning and transforming the Company. In December 2003 the company recruited key personnel from the insurance and financial services industry who took over the management of the Company. With a then Authorized Share Capital of N 750million, the company's paid-up share capital was initially increased to N 359million in February 2004 and has been consistently increased over the years to N12billion.
By December, 2005, the company's Authorized Share Capital was increased to N5billion in line with new minimum capital requirement while the company's Shareholders' Funds stood at N 6.29 billion as at December 31, 2007.
In July 2007, GTA became the first Nigerian Insurance company to receive an A+ risk rating from Agusto & Co., the nation's premier rating agency.

Industrial And General Insurance Plc., (IGI) was incorporated in 31st October, 1991 and commenced operation in January 1992, bringing with it a fresh breath of dynamism and innovation into the Nigerian insurance industry.The Company has since established a reputation for excellent delivery of insurance products and services, especially in special risks, such as oil & energy, engineering, aviation, and industrial risk management.In life and business, you need a strong backup, a dependable ally. That's what you get from all IGI covers - for the widest range of tailaro-made Life and Non-Life Insurance protection: Motor, Oil and Gas, Marine and Aviation, Pensions, Life Assurance and Financial Advisory Services... and much more. We work round the clock to ensure that your life, the things you live and work for are protected.

The UBA Group and Metropolitan Holdings Limited of South Africa have formed a strategic partnership for the transformation of the life insurance market in Nigeria. The 50/50 joint venture has utilised HEIRS Life Assurance, the wholly-owned subsidiary of UBA Insurance, to create the new life company, UBA Metropolitan Life Insurance Limited.The new company enjoys the dual financial strength of Metropolitan Holdings Limited, a Johannesburg listed company that has been doing business in Southern Africa for more than a century and UBA Group the largest financial services provider, listed on the Nigerian Stock Exchange since 1970.The UBA Metropolitan Life product set addresses the needs of Nigerian corporates, brokers and individuals through a range of new generation life, investment and retirement products that address the needs of the Nigerian life insurance market.

Great Nigeria Insurance Plc was incorporated on 24th February 1960 as a Limited Liability Company but became a member of the Nigerian Stock Exchange (NSE) in 2005 and registered to transact all classes of Insurance Business with a shareholder’s funds in excess of N6 Billion. The Company has a solid financial base, a responsive Board and a dynamic management team. With this background, we are fully focused on customer satisfaction and poised to face the challenges of the 21st century. Over the years, the company had built-up Assets in excess of N7.5 Billion and the company’s imposing edifice; Great Nigeria House at 47-57 Martins Street Lagos, Great Nigeria Insurance Plc Towers at 39/41 Martins Street, GNI Complex at 8, Omo-Osagie Street, Off Awolowo Road, S/W Ikoyi, Lagos which houses its corporate headquarters in Lagos and many other GNI Houses in various locations nationwide, bear eloquent testimony to its great financial strength.

Crusader started insurance business in Nigeria in 1958 as a foreign office of Crusader Insurance Company Limited, Reigate, United Kingdom, underwritting only life and pension business. It was incorporated on April 21, 1970 as a Nigerian company under the name Crusader Nigeria Insurance Plc on April 26, 1989.Its shares were listed on the nigerian Stock Exchange in 1990.In 1995 Crusader Nigeria Plc introduced non life insurance business and became a full composite insurance company.The company floated a number of subsidiaries along the line including: Crusader Trustees Limited, Crusader Properties Limited,CrusaderSterling Pensions Limited. Following the 2007 consolidation excercise in the insurance industry, Crusader Insurance Nigeria Plc transformed into a group of companies now known as Crusader Nigeria Plc with interest in so many areas of financial services.

Intercontinental Wapic Insurance Plc (subsidiary of Intercontinental Bank Plc) was incorporated in 1958 as a Private Limited Liability Company to transact Life and Non-Life Insurance businesses in Nigeria. It became a publicly quoted company following the divestment of Federal Government holding in 1990, with its shares quoted on the floor of the Nigerian Stock Exchange. The Company is now a composite Insurance company licensed to underwrite all classes of life and non-life insurance cover.
Our company with an Authorized Share Capital of N 3.5 billion and a Paid-up Share Capital of N 500 million (as at 2009) is one of the leading underwriting firms in the insurance industry having been in business in Nigeria actively since 1958. Premium income in year 2004/2005 stood at N 1.6 billion and asset base was in excess of N 11 billion during the same period.

International Energy Insurance Company Limited emerged in June 2003, when a group of investors and management acquired 70% of Global Assurance Co Ltd. The company at the time was 34 years old and was under the technical management of the National Insurance Commission (NAICOM).The new team redirected the internal and external dynamics of the company changing the core business focus to a yawning gap in the insurance industry– Energy Insurance. The company was subsequently recapitalised to N500 million to meet with the challenges of its new business focus. The company has since increased its authorised share capital to N6,000,000,000 comprising of 12,000,000,000 ordinary shares of 50 kobo.

Leadway Assurance Company Limited was founded in 1970. It has a chequered history of being a company with close attention to relationships, having started operations as a direct motor insurance company. LEADWAY is a private company with 28 shareholders, 5 of which are corporate investors, and a Trust Corporation(As at 2009).

UNIC INSURANCE PLC was incorporated on April 2, 1965 as the United Nigeria Insurance Company Limited from the merger of the Northern Assurance Company Limited and White Cross Insurance Company Limited, both overseas Insurance Companies. The company commenced operations on October 1, 1965. Since its incorporation in 1965, Unic Insurance Plc. has built a reputation as a strong underwriting house providing its numerous policyholders the security of its Financial Reserves, Underwriting Expertise and First-Class Reinsurance Treaties. The recent introduction of new Life products and the expansion of the company’s operations into Health Insurance and asset Management re-inforces the company’s commitment to developing services to meet the growing needs of its clients. UNIC has steadily met all its financial obligations paying out in excess of N 3b in the last 3 years in Claims and Commissions.

Alliance & General Insurance Company Limited was incorporated on 2nd April 1987, commenced trading in January 1989, from its former Corporate Headquarters to its new corporate office in A&G Plaza, 12 Abibu Oki Street, off Broad Street, Marina, Lagos. Reg. No: 93906. Alliance & General Insurance Company has authorized and fully paid up share capital of N3,000,000,000.00 making it one of the most capitalized companies in the Nigerian Insurance Industry, with 17 branches nationwide and an AAA+ rating by Dunn & Bradstreet.  The Company ownership is prudently distributed 60% European corporate investors, and 40% Nigerian shareholders. The equity structure of the Company was carefully selected, not only for the financial benefit, but to support the growth of a dynamic company with the goal of being a major player both in the domestic and international insurance markets.

The company was founded in Lagos Island by Professor J.O.Irukwu, SAN, who is a well known statesman in Nigeria and an outstanding person in insurance, home and abroad. It began business operation as established by law in 1989. The company writes various lines of business in both life and non-life underwriting in accordance with sound insurance principles as understood by the international insurance community. The company operates through its 8 branches located in major commercial centers of the country. African Development Insurance Company (ADIC) became ADIC Insurance after it was acquired by Diamond Bank in August 2005 in order to reposition the company on a solid ground. We have solid relationship with several international and national professional Re-insurers, such as Munich Re-insurance Corporation, African Re-insurance Corporation amongst others. Periodically, with our Re-insurance Associates, we carry out exchange programs which enable our overseas associates to perform technical review and offer us managerial advice, so as to provide our company with suitable underwriting capacity and more than adequate protection for our customers.

Continental Re was registered in 1985 as a professional reinsurance company under the Companies Act 1968 and obtained license to transact Non-Life Reinsurance business on December 10, 1986. It commenced business in January, 1987. Life Reassurance business was commenced in January 1990, the requisite license having been obtained in September 1989. In 1999, Continental Re was converted to a Public Limited Company (PLC).Today (as at 2009), the company has authorized share capital of =N=7.5 Billion and paid-up of over =N=5.0 Billion our shareholders fund of over =N=10 billion. Our investment stood at =N=1.82 Billion as at December, 2006. We now transact business in life and non-life classes, facultative and treaty in over 35 African Countries.

CUSTODIAN & ALLIED INSURANCE PLC (CAI) is a wholly owned Nigerian Company.  CAI's sole purpose is to develop, package and deliver innovative insurance products that best satisfy customer needs, whilst operating a highly profitable, efficient, resourceful and ethical organization that will survive well into the future and be a valuable asset to its shareholders.CAI is a registered member of the Nigerian Insurers Association (NIA) and is approved by other regulatory bodies in Nigeria to offer Insurance Services.

EQUITY ASSURANCE PLC was incorporated on 3rd October 1991 with registration number RC.175105 and was licensed by the then office of the Director of Insurance to underwrite all classes of general business.
It operates with a recently increased authorized share capital of N3.5 billion and shareholders fund of about N3.5billion (as at 2009). Gross premium income has grown tremendously from N352m in 2000 to N1.3b in 2006.
EQUITY ASSURANCE PLC is a corporate member of the West African Insurance Company Association (WAICA) and the Nigeria Insurers’ Association (NIA), the official umbrella of registered insurance companies in Nigeria, as well as The Africa Insurance Organisation (AIO).

Insurance PHB Limited (formerly GTI Insurance Company Limited) is one of the recently recapitalized General Insurance Companies in Nigeria with an authorized and paid up capital of N3 Billion. Before the 28th February 2007 recapitalization exercise, the firm operated as a composite insurance outfit, underwriting all classes of insurance business including Life and General Insurance business.With the acquisition of substantial shares in the company by Bank PHB during the last recapitalization (in February 2007), the company is now fully refocused to be distinct in the Nigerian Insurance Industry.

LASACO ASSURANCE PLC is a professional Insurance Company. Sequel to its incorporation on 20th December, 1979 under the Companies Decree of 1968 and having obtained license as an Insurer on 7th July, 1980 the company commenced operation as Lagos State Assurance Company Limited on 1st August, 1980.The Company effected a change of name to LASACO ASSURANCE PLC in July 1988 following the promulgation of the Privatisation and Commercialisation Decree No. 25 of 1988.In accordance with the decree, its shares were offered to the public and were later admitted to the Nigeria Stock Exchange. Consequent upon this, LASACO became a Public Limited Liability Company in 1991.The company transacts all classes of insurance businesses which include; Motor, Bond, Contractors-All-Risk, Fire, Burglary, Aviation, Marine, General Accident, Life, Pension Schemes, Engineering, Oil & Gas.

Law Union & Rock began operations in Nigeria in 1951 as a Chief Agency when the late Sir Mobolaji Bank-Anthony held the Power of Attorney for a U.K. leading insurance Company – the first Nigerian to have such authority.In 1976 when the Federal Government of Nigeria decided to acquire shares in leading Finance Institutions in the Country, the Company was one of those affected by the exercise. The Federal Government acquired 9,775 shares of N2 each, which was 39.1% of the Company’s paid-up capital. In 1989 the Federal Government in pursuit of its privatization and commercialization policy offered to the Public its shares in the Company and this exercise led the Company into being quoted on the floor of the Nigerian Stock Exchange on 9th July 1990.LUR is now a fully indigenised publicly quoted insurance company underwriting all classes of insurance business.

NEM INSURANCE PLC started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. it became a Nigerian branch of NEM General Insurance Association Limited of London in 1965. Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange  on 9th September 1990 following the privatization by the Federal Government of Nigeria. The company, which has contributed immensely towards the growth of Insurance Industry in Nigeria, was into Life and Non-Life business. Following the recapitalization exercise initiated by the Federal Government in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance.

Niger Insurance Plc was established in August, 1962 as a specialist life Company under the name Yorkshire Insurance Company. The public quoted composite Insurance Company, presently operates with an asset base in excess of N13.7 billion and a fully paid-up of 1.975 billion and authorized share capital of N3 billion (2009). The company has a share-holder's fund of over N6.4 billion. The company has also put in place sound reinsurance treaties with first class Reinsurance Companies.

Nigerian Agricultural Insurance Corporation is wholly owned by the Federal Government of Nigeria. It was establish in 1987 to provide risk cover to Nigerian farmer’s. It is also the only existing insurance company owned by the Federal Government due to its unique socio–economic benefits to the populace.  The need for a specialized Agricultural Insurance Company to provide insurance cover to farmers was informed by Government's concern over the vacuum created due to the unwillingness of conventional Insurers to accept Agricultural risks which they considered too risky. The implementation of the scheme was thus initially vested in the Nigerian Agricultural Insurance Company limited, which later turned into a corporation in 1993 by enabling decree No. 37 of 1993.The corporation has, since inception, issued out almost a million policies with the volume of risk amounting to about N100 billion thereby earning the corporate a premium sum of about N2 billion (As at 2009).   
The corporate has, settled claims worth about N500m to various farmers and cooperative groups (2009).

The Insurance Industry, like others within the financial system, has experienced a lot of changes in its structure and operations, in response to the dynamics of the economic environment. These changes have triggered a review of related guidelines in consonance with existing insurance laws and geared towards strengthening the operational standards of the Insurance Industry.

[Read more]

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