Guinea Insurance Plc has met the National Insurance Commission’s (NAICOM) N15 billion minimum capital requirement for non-life insurers after raising approximately N12.6 billion through a hybrid capital raising programme, marking a major milestone in the industry’s ongoing recapitalisation exercise.
The insurance company said the funds were raised through a rights issue and private placement, with the new capital, combined with its existing paid-up capital, placing the company above the regulatory threshold, subject to NAICOM’s final capital verification.
The development marks a significant milestone for Guinea Insurance as insurers continue efforts to strengthen their capital base in response to regulatory requirements aimed at improving the industry’s capacity to underwrite larger and more complex risks.
According to the company, both the rights issue and private placement were completed in line with regulatory guidelines after obtaining all necessary approvals from the Securities and Exchange Commission (SEC).
Guinea Insurance said the successful capital raising would strengthen its financial position, enhance its underwriting capacity and support the delivery of long-term value to shareholders and other stakeholders.
The recapitalisation exercise is part of broader efforts by NAICOM to build a more resilient insurance industry capable of supporting major infrastructure, energy, aviation and other high-value risks, while improving public confidence in the sector.
Although the company has announced that it has surpassed the minimum capital requirement, the new capital remains subject to NAICOM’s final verification before the recapitalisation process is formally concluded.
