REGENCY ALLIANCE COMPLETES RECAPITALISATION, STRENGTHENS CAPITAL BASE

Regency Alliance Insurance Plc has completed its recapitalisation exercise, strengthening its capital base as the company positions itself for growth in Nigeria’s insurance industry.

The insurer said the exercise was completed in line with the regulatory requirements of the National Insurance Commission as part of the ongoing efforts to strengthen the financial capacity of insurance companies.

The recapitalisation is expected to improve Regency Alliance’s ability to underwrite larger risks, expand its operations, and compete more effectively in the insurance market.

The company had earlier raised ₦6.04 billion through a combination of a rights issue and private placement as part of efforts to meet the new minimum capital requirement.

The funds raised were expected to strengthen the company’s financial position and support its business expansion plans.

Regency Alliance said the completion of the process demonstrates its commitment to regulatory compliance and long-term growth.

The insurer is expected to focus on expanding its product offerings, improving customer service, strengthening technology, and deepening its presence in the Nigerian market.

Industry stakeholders said stronger capitalisation would help insurers absorb larger risks and improve their capacity to support businesses and individuals.

They also noted that the recapitalisation exercise could contribute to greater stability and confidence in Nigeria’s insurance sector.

Regency Alliance reaffirmed its commitment to building a financially stronger and more competitive insurance business while delivering sustainable value to its shareholders and customers.