Insurance
Law Union Insurance sure of recapitalization Success – Adeduro
Managing Director/CEO, Law Union and Rock Insurance Plc, Mr. Ademayowa Adeduro
The Managing Director/Chief Executive Officer of Law Union and Rock Insurance Plc, Mr. Ademayowa Adeduro, said the company is ready for recapitalization.
Mr. Ademayowa made the disclosure yesterday while commenting on the company’s recapitalization plans during an interview with therevealerng.com in Lagos.
He said the company has been able to attract enough investors because of its pedigree in terms of corporate governance, capacity of the management and its rich historical heritage.
Ademayowa disclosed that they have been approached by other insurance companies for merger, adding that their plan is that the name Law Union and Rock should remain standing.
He said the financials of the company is looking more robust and its performance better than ever before, adding that there is a significant improvement in terms of value addition in the system.
“On recapitalization, our plan is that the name Law Union and rock will remain standing. Other insurance companies have already been coming because they have already seen our balance sheet that we are close to it.
“As I’m talking to you, we are concluding our recapitalization in the next couple of months because we have been able to attract investors who have seen the pedigree of this company in terms of corporate governance, the capacity of the people managing the company, and the history behind the company.
“Our financials are looking more robust, our performance better than ever before and very soon the unaudited accounts will be published. We are excited that there is a significant value addition in the system, Ademayowa said.
He said the company has been in existence since 1951, providing innovative insurance services, adding that they will soon unveil some new and exciting products, currently being processed by the National Insurance Commission’s (NAICOM) approval.
