It’s a dawn of a new era for Sovereign Trust Insurance Plc (STI), having received its Recapitalisation Certificate from the National Insurance Commission (NAICOM), marking a significant milestone in the company’s ongoing growth and transformation journey.
The certificate, issued following the successful compliance with the recapitalisation requirements of the NAICOM, further reinforces its financial capacity as one of the leading general insurance companies in the market. Besides, it demonstrates its operational resilience and commitment to delivering sustainable value to its policyholders and other stakeholders.
Speaking on the development, the Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, Dr. Lucas Durojaiye, expressed delight at the milestone, describing it as a testament to its resilience, strategic focus and the confidence of its stakeholders.
“The receipt of our recapitalisation certificate from NAICOM is a significant milestone for Sovereign Trust Insurance Plc. It reflects the strength of our business, the confidence of our shareholders and the dedication of our Board and employees to building a stronger and more resilient insurance institution.
“This achievement positions us for the next phase of our growth journey. We remain committed to strengthening our capacity to underwrite risks, deepening our market presence, enhancing our service delivery and creating greater value for our policyholders and stakeholders.”
The recapitalisation milestone also underscores STI’s commitment to supporting the development of Nigeria’s insurance industry by maintaining strong corporate governance, improving operational efficiency and providing innovative insurance solutions that respond to the evolving needs of individuals, businesses and institutions.
With the certification, Sovereign Trust Insurance Plc is poised to further leverage its strengthened capital base to pursue strategic growth opportunities, enhance its underwriting capacity and reinforce its position as a trusted partner in risk management.
On its part, the company appreciates its shareholders, Board of Directors, management, staff, regulators, business partners, brokers, agents, customers and other stakeholders for their continued confidence and support throughout the recapitalisation process.
