New investors, LeapFrog III Nigeria Insurance Holdings Limited and AIICO Bahamas have acquired 38.83 per cent in AIICO Insurance Plc, the Managing Director of the underwriting firm, Tunde Fajemirokun, has said.
He said contrary to reports that LeapFrog III Nigeria Insurance Holdings Limited acquired 38.83 per cent major equity stake of the company, the investor acquired 28.24 per cent while AIICO Bahamas acquired the balance of 10.59 per cent stake.
He noted that the acquisition was consummated through a private placement.
He assured that the company would meet and surpass the N18 billion capital requirement for Composite insurance companies as mandated by the regulator, the National Insurance Commission (NAICOM) before the December 31, 2020 deadline.
He added that the company will continue to create and protect wealth for their customers.