NAICOM explains position of 5 insurance firms

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February 21, 2008/Tribune


The National Insurance Commission (NAICOM) has clarified issues bordering on the five insurance companies which were neither published as part of the 49 insurance companies certified recently nor part of the seven companies for which take-over managers were appointed.


The five companies, according to the commission, include ACEN Insurance Plc., Fortune Assurance Company Ltd., BAICO Insurance Plc., Perpetual Assurance Company Ltd. and Postal Life and General Insurance Company Ltd.



According to a statement from the commission, ACEN Insurance Plc. is in a merger with Sovereign Trust Insurance Plc. while Fortune Assurance Company Ltd. had gone to court and filed an appeal on its recapitalisation status to the Federal Ministry of Finance.



It explained that BAICO/A&G (Life) also went to court and filed an appeal with the Federal Ministry of Finance, while Perpetual Assurance Company Ltd. is in a merger with Standard Alliance Insurance Plc.



Postal Life and General Insurance Company Ltd., NAICOM said, is also in a merger with IGI, explaining that the case of NICON Insurance Plc. and Nigeria Reinsurance Corporation was still in court.



The step taken by the commission to make public the position of the five companies, most of which still appear on the daily list of Nigerian Stock Exchange (NSE), according to an investor of one of the five companies, had allayed the fear of the various investors. –

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