AIICO records success in recapitalisation
AIICO Insurance Plc says it has recorded success in its recapitalisation journey with the completion of its private placement investment by two strategic investors.
The company had earlier received shareholders’ approval to increase its authorised share capital to N18bn through various instruments to meet the new minimum capital base for a composite insurer based on the National Insurance Commission’s guidelines.
A statement said in compliance with the new minimum capital requirements, AIICO recently concluded the private placement phase of its recapitalisation exercise with an uptake of 38.83 per cent of its shares by two strategic investors.
It stated, “LeapFrog Nigeria Insurance Holdings Limited acquired 28.24 per cent stake while AIICO Bahamas Nigeria Limited acquired 10.59 per cent stake.