AFRICAN ALLIANCE SUBMITS RECAPITALISATION PLAN TO NAICOM FOLLOWING HANDOVER

African Alliance Insurance Plc has submitted its recapitalisation plan to the National Insurance Commission (NAICOM) following the recent handover of the company's management.

The submission marks a key step in efforts to restore the insurer's financial position, strengthen its operations, and ensure compliance with regulatory requirements.

The company said the recapitalisation strategy is designed to enhance its capital base, improve service delivery, and reinforce confidence among policyholders and other stakeholders.

Industry analysts noted that stronger capitalisation is essential for insurance companies to meet obligations, underwrite larger risks, and remain resilient in a competitive market.

They added that the successful implementation of the plan could improve the company's long-term sustainability while supporting broader reforms aimed at strengthening Nigeria's insurance industry.

African Alliance reaffirmed its commitment to working closely with NAICOM to complete the recapitalisation process, improve corporate governance, and deliver greater value to customers, shareholders, and the wider insurance market.