Prestige Assurance strengthens capital base after recapitalisation
Prestige Assurance Plc has completed its recapitalisation programme, strengthening its financial position and capacity to underwrite larger and more complex risks in Nigeria’s evolving insurance market.
The company said the exercise was undertaken in line with the new capital requirements of the National Insurance Commission (NAICOM) and represents a significant milestone in its growth strategy.
The recapitalisation is expected to provide the insurer with greater financial resilience, increased underwriting capacity and enhanced operational flexibility as it positions itself for opportunities across Nigeria’s expanding economy.
Stronger capital, bigger risks
Commenting on the milestone, the Managing Director of Prestige Assurance Plc, Umesh Rathod, said the stronger capital base would enable the company to take on larger risks while improving service delivery to policyholders.
“This milestone reinforces our financial strength and expands our capacity to underwrite larger and more complex risks while delivering faster claims settlement, innovative insurance solutions and exceptional customer service,” Rathod said.
He added that the achievement reflects the company’s commitment to customers and other stakeholders who have supported its growth over the years.
According to him, the strengthened capital structure would give Prestige Assurance greater capacity to respond to the changing needs of businesses and individuals while maintaining financial resilience.
Recapitalisation reshapes Nigerian insurance sector
The completion comes against the backdrop of the ongoing recapitalisation of Nigeria’s insurance industry under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The new framework introduced higher minimum capital requirements for operators, setting the threshold at ₦10 billion for life insurers, ₦15 billion for non-life insurers, ₦25 billion for composite insurers and ₦35 billion for reinsurers.
The recapitalisation programme is designed to strengthen the industry’s financial capacity, improve underwriting and claims-paying ability, and prepare insurers for the transition towards a Risk-Based Capital (RBC) regime.
As of the July 31, 2026 deadline, 43 insurance companies had been confirmed as compliant with the new capital requirements.
Positioned for Nigeria’s next growth cycle
Rathod said the need for stronger insurers had become more critical as Nigeria continues to attract investments into infrastructure, manufacturing, energy, aviation, agriculture and other strategic sectors.
He noted that well-capitalised insurers would have an increasingly important role to play in protecting investments and supporting economic expansion by providing capacity for major commercial and industrial risks.
For Prestige Assurance, the completed recapitalisation is expected to strengthen its ability to participate in larger transactions while maintaining its focus on corporate governance, operational excellence and integrity.
The company also reaffirmed its commitment to prompt claims settlement, innovation, transparency and responsiveness, describing trust as the “true currency of insurance.”
With the industry’s recapitalisation exercise now reshaping the competitive landscape, Prestige Assurance’s strengthened balance sheet could give it greater room to pursue new business opportunities while deepening confidence among policyholders and investors.
