The Universal Insurance company which hitherto belonged to the five Eastern States of Nigeria has been privatised after crossing the recapitalisation hurdle.

The Executive Director, South-South , Mr Benson Ogbonna, who disclosed this at Insurance Brokers Forum held in Port Harcourt, said the asset base of the company is now about five billion naira.

Apart from this solid asset base, the company by the eve of the capitalisation exercise also acquired three Insurance companies. They are United Trust Assurance Company Ltd, Oriental Insurance Company and African Safety Insurance Company Ltd.

"By this acquisition, Universal Insurance Company has become a mega organisation," Ogbonna said, adding that all these information could be authenticated on the approved 2005 Audited Account of the company.

Continuing, the Executive Director said the new Universal Insurance Company has about 50 percent equity stake in African Insurance Company Ltd to handle the life aspect of its operations. According to him, for mega risk, a well-structured Re-insurance Treaty arrangement, led by foremost Reinsurance Company in African sub-region, the African-Re has been put in place.

Ogbonna further said: "As at today, we do not have outstanding claims except inherited liabilities, some of them are yet to be sorted out.

To face the challenges ahead, he said the company has a mission and focus to become a dominant player in the insurance industry by adding professional touch to its services which is why it has restructured its management and operations with a motivated workforce.

Universal Insurance was originally established by the old Eastern Nigerian government in 1961. After the civil war, it was split between the five Eastern states of Anambra, Abia, Ebonyi, Enugu and Imo.

Source: The Nation