Insurance

Universal Insurance eyes four new branches

From left: Executive Director, Universal Insurance Plc, Reginald Anyanwu; Managing Director, Ben Ujoatuonu; Head Technical/CRO, Offorzor Oluchukwu at the event.

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Chuks Udo Okonta

Universal Insurance Plc, as parts of strategic plans for expansion, is working towards opening four new branches before the end of second quarter of this year.

The Managing Director/Chief Executive Officer, Ben Ujoatuonu, said this today during a media parley and facility tour of the firm’s new corporate Head Office in Anthony, Lagos.

According to him, the firm hopes to have its presence in Aba and Umuahia in the first quarter, whilst Warri and Kaduna will come up in second quarter. He noted that the firm has made its plans about the Aba and Umuahia known to the National Insurance Commission (NAICOM), stressing that the firm is presently awaiting the nod of the regulator to kickstart the branches.

Ujoatuonu, maintained that the firm has other unique plans in its shelve, stressing that the firm is financial liquid to play big in the insurance market. He noted that the shareholders’ fund of the firm’s presently stands above N7 billion and its solvency margin at N5 billion.

Managing Director, Universal Insurance Plc, Ben Ujoatuonu; (3rd right) with other top management staff at the event.

He maintained that the firm would soon launch retail based products to capture the untapped opportunities at the grassroots.

He noted that the company is presently meeting all its obligations especially, in the area of prompt claims settlement to clients and other stakeholders, adding that the firm’s has qualified staff who are committed to better service delivery. He said the Lagos office has 36 well trained staff, while the aggregate staff strength of the firm is 73 staff.

Speaking on the firm’s 2015 and 2016 accounts, he said: “We have submitted our 2015 financial account to NAICOM since last year only that it was delayed due to our inability to compile various assets under our company to the report that was what delayed us from meeting the March deadline set by the commission.”

He added that audit work is ongoing for the 2016 account assuring that the account will be submitted to the commission on time.

The Universal Insurance boss, said the firm is ready for the proposed capital verification to be carried by the industry regulator, adding that as parts of move to align with the forthcoming Risk-Based Supervision (RBS), the firm recently had an internal seminar to prepare its workers.

On management expenses, he said the firm is mindful of huge overheads, stressing that the firm is highly committed to meeting the needs of its shareholders who invested in the firm to have bountiful returns on investment.

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