Universal Insurance woos brokers with recapitalisation assurance
L-R: NCRIB President/Chairman of Council, Barr. (Mrs.) Ekeoma Ezeibe and Managing Director/CEO, Universal Insurance Plc, Dr. Japhet Duru
Nike Popoola
As the insurance industry gradually approaches a defining supervisory moment ahead of the 2026 Recapitalization exercise, the conversation around financial strength of underwriters to meet up with their obligations such as genuine claims settlement and liability cover has gained significant traction. With the Presidential assent of NIIRA on August 5, 2025 upsurging recapitalization for insurance companies, it is designed to enhance regulatory framework, strengthen public protection, deepen insurance penetration and ensure that insurance institutions meet their statutory insurance obligations.
The Managing Director/CEO, Universal Insurance Plc, Dr. Japhet Duru while speaking at the April 2026 Edition of the Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening held at the Council Secretariat in Lagos, appreciated the contribution of brokers towards the growth of the company. “Brokers remain the backbone of insurance distribution, and at Universal Insurance Plc, we do not take this for granted. You are not just intermediaries; you are partners in progress, trusted advisors to clients, and critical drivers of our growth.”
“Our relationship with brokers has continued to evolve, guided by mutual respect, transparency, and shared goals. Over the past year, we have taken deliberate steps to deepen this partnership. We have improved our service delivery channels, enhanced communication, streamlined underwriting processes, and ensured faster turnaround times—particularly in claims settlement, which remains the true test of our promise.” He stated.
While clearing the doubts of the Brokers, Dr. Duru assured the partners in progress of the company’s commitment towards meeting the recapitalization exercise requirements, “I am pleased to inform you that we are putting in place all necessary documentations to commence our Rights issue and private placement processes. Currently we have gotten the commitment of a host of our shareholders to retain their shares and even purchase more shares of the company, we will be faced with the challenge of refunding some funds at the end of the exercise because we are already got more than enough commitment from our shareholders.” He submitted.
It is evident that Universal Insurance Plc will be among the list of recapitalized companies to be published by NAICOM at the end of the exercise, we implore our brokers to continue in their partnership with as we look forward to serving you better.
The NCRIB President/Chairman of Council, Barr. (Mrs.) Ekeoma Ezeibe appreciated the management of Universal Insurance for sponsoring the April 2026 Edition of the NCRIB Members’ Evening stating that it is very apt and well acknowledge mere looking at the large number of attendees at the event.
She expressed deep concern on the contribution of insurance to the Nigerian Economy, “Colleagues, let us acknowledge the positive reality of Nigeria today.
Government reforms are unlocking value, FX market unification has restored transparency — Q1 2026 saw 41% growth in capital inflows year-on-year. Subsidy savings now fund infrastructure: the Lagos-Calabar Coastal Highway, new industrial roads in Abia, and the Presidential CNG Initiative are cutting logistics costs and powering SMEs and Tax reforms are simplifying compliance. What does this mean for us? New roads need Builders’ Liability; CNG fleets need Motor and GIT covers; Formalizing SMEs need Group Life and Assets All Risk and Infrastructure bonds need performance guarantees. Insurance is now economic infrastructure. These reforms create insurable assets at scale. Our job is to be present where value is created. The headwinds are easing. NCRIB will ensure Brokers convert national growth into insured growth.” She disclosed.
The event was spiced up with comedy session from the Nigerian comedian Igwe who trilled the participants with series of jokes. The event was graced by several insurance dignitaries, Past Presidents of the NCRIB, Mr. Sola Tinubu and Prince Babatunde Oguntade, also is the Immediate Past President of CIIN, Mr. Edwin Igbiti amongst others.
