Universal Insurance Plc has sealed a binding equity investment agreement worth N7.128bn with FPNG Co-Nvest Limited to shore up its capital base and satisfy stringent industry mandates.
The transaction, structured through a private placement, will see FPNG—an institutional investment subsidiary of FigPoint (Fig Partners Africa)—inject fresh funds in exchange for new shares. Upon full completion, the strategic acquisition will grant FPNG a 50.1 percent majority stake, effectively making it the controlling core investor in the underwriting firm.
The development follows an inquiry by NGX Regulation Limited regarding the company’s standing in the ongoing insurance sector recapitalisation campaign overseen by the National Insurance Commission (NAICOM).
Key Highlights of the Transaction:
- Capital Infusion: N7.128bn injection via private placement.
- New Majority Stake: FPNG Co-Nvest Limited takes a 50.1% controlling equity interest.
- Regulatory Compliance: Designed to clear NAICOM thresholds, elevate regulatory capital, and sustain a healthy solvency margin.
- Approvals Status: Board and shareholder nods have been secured, with final greenlights from NAICOM and other regulatory bodies now underway.
Management notes that engaging regulatory authorities remains the immediate priority to finalise the process, promising timely disclosures to the Nigerian Exchange Limited (NGX) and the investing public as milestones are met.
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