Guinea Insurance completes recapitalisation, says ready for business

GUINEA Insurance Plc has announced the successful completion of its recapitalisation programme, saying the exercise has strengthened its financial capacity and positioned the company for its next phase of growth.

The insurer disclosed this in a statement issued in Lagos on Friday, assuring shareholders, policyholders, brokers, investors and other stakeholders that it is fully positioned to continue its operations.

Guinea Insurance said it successfully concluded its rights issue and private placement, enabling the company to meet the applicable minimum capital requirement for non-life insurance companies under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The company also confirmed that the National Insurance Commission (NAICOM) had published its name among insurance companies that met the applicable recapitalisation requirement.

According to the insurer, completing the exercise marks a major milestone that will strengthen its financial position, regulatory standing and capacity to pursue growth opportunities in Nigeria’s changing insurance market.

Guinea Insurance said it is now adequately capitalised and ready to take on new business with increased capacity.

The company stressed that it remains fully operational and continues to provide insurance services to customers while meeting valid claims and fulfilling its policy and contractual obligations in the normal course of business.

It added that brokers, corporate clients, policyholders and prospective customers can continue to access its services through its existing channels.

Management expressed appreciation to shareholders, customers, brokers, business partners, employees and other stakeholders for their support and confidence throughout the recapitalisation exercise.

Guinea Insurance said the completion of the programme would enable it to deliver greater value to customers while building stronger insurance capacity and pursuing sustainable growth.

“Guinea Insurance Plc is ready for business and committed to delivering greater value, stronger insurance capacity and sustainable growth,” the company said.