Heirs Insurance Group (Heirs) has met the National Insurance Commission's (NAICOM) recapitalisation requirements, with both Heirs General Insurance and Heirs Life Assurance included on the regulator's list of insurance companies that have satisfied the revised minimum capital requirements by the 31 July deadline.
In a statement, Heirs said that the recapitalisation positions the group for larger local and international engagements, as it substantially expands the company’s ability to retain larger risks, participate in more complex transactions, pursue strategic partnerships with multinational organisations and support both local and international investors seeking risk protection in one of Africa’s fastest-growing markets.
“This is a significant transformation point for us at Heirs and Nigeria’s insurance industry as a whole,” said Heirs Life Assurance Managing Director and CEO Niyi Onifade, speaking on behalf of Heirs Insurance Group.
“The recapitalisation reforms open up the industry for more competition and create opportunities to support the scale of investments Nigeria requires.”
Mr Onifade said, “We are ready to take advantage of the numerous opportunities this brings and commit to deepening financial inclusion, strengthening strategic partnerships and redefining insurance through technology and customer-centric innovation.”