Universal Insurance Guaranteeing Maximum Cover, Excellence Service Delivery
In order to guarantee maximum cover for her teeming clients and customers, Universal Insurance Plc, the foremost insurance firm in Nigeria has made a two pronged reinsurance arrangements.
The company is also committed to providing excellence service delivery driven by cutting edge technology through adoption of information and communication technology in it’s operations and precesses.
The reinsurance cover, according to the management of the company, provides unlimited capacity protection on facultative reinsurances based on individual account. The company’s facultative reinsurances are placed both locally and offshore depending on the size of the account.
Universal Insurance offshore placing Brokers based in London, the company stated, give the company access to all first class reinsurers worldwide and Lloyds of London while local facultative reinsurance is placed with other local insurers and other regional reinsurers that respond quickly to claims.
The second segment of its reinsurance arrangement is led by the foremost reinsurance company in African sub region-African Re.
Meanwhile, the company has announced 300.58 per cent growth in profit after tax to N674.130 million from N168.29 million in the first quarter of 2021.
The company released its first quarter management account for the period ended 31 March 2022 on the Nigerian Exchange group ( NGX).
According to it’s filing gross premium written also went up to N2.334 billion from N1.581 billion in Q1 2021
The company is commitment in ensuring that investors receives returns on their investment .
The insurer attributed the growth to the firm’s investment in retail line of business, especially with its retail products such as Okada pass, Unipersonal cover, parcel vuide, keke pass, among others.
The Universal Insurance Company Limited (UNISURE), now Universal Insurance Plc. was established by the then Eastern Nigeria Government, African Continental Bank Plc in 1961 through an association between Eastern Nigeria Development Corporation (ENDC) and Pearl Assurance Company Limited of London whereby ENDC acted as agents to the insurance company.
The Universal Insurance Company Limited also from inception has been on a partnership relationship with Swiss Reinsurance Company of Zurich, which also provided the necessary reinsurance support. Mr. K. R. Lugg an expertrate had the privilege of being the first General Manager of the Company untill 1963 when Mr. M.A.C Chukwudinma was appointed the 1st indigenous General Manager.
The aftermath of the Nigeria civil war was that the eastern Nigeria became defunct. Thus after series of changes, the East Central state was split into Anambra, Imo, Enugu, Abia, and Ebonyi states. These five states apart from many individuals have shares in the Company.
As at today, this company has an asset base of over =N=11Billion, authorized and share capital of 16Billion units and =N=8Billion paid-up respectively. It is a General Business organization (i.e. underwrites General Insurance business).
The Universal Insurance Plc is now fully computerized to drive excellence in service delivery, Customer – oriented and a prime company that is poised to be a giant in risk bearing.
The New Universal Insurance Plc is now a mega organization comprising the former United Trust Assurance Company Limited, Oriental Insurance Company Limited and African Safety Insurance Company Limited. Overtures are still being made by some companies seeking to be acquired by the new mega Company. The Shareholders fund of the new mega Company after NAICOM verification stood at over N9Billion.
Universal Insurance Plc has therefore restructured its Management and operations for the challenges ahead. Universal Insurance is fully repositioned and a giant in the Insurance Industry in Nigeria.
