Unity Bank Buys Into Kapital Insurance

Lagos, Jun 17, 2008 (Daily Trust/All Africa Global Media via COMTEX News Network) -- Unity Bank Plc, has acquired 51 per cent equity participation in Kapital Insurance Company Limited. The bank is the latest to enter into the insurance business.

Kapital Insurance Company Limited is the survivor of the merger of three insurance companies - Kapital Insurance Company Limited, Inter-Continental Assurance Company Limited and Global Commerce and General Assurance Limited.

These were companies known for their operational spread, technical expertise and core service delivery both at the level of underwriting and claims settlement. This attributes have been strengthened in the consolidated Kapital Insurance Company Limited.

Top officials who spoke to newsmen on the impact of Unity Bank entry through bancassurance synergy into Kapital Insurance said that the enhanced distribution channels via the multiplicity of the bank's branch networks, will greatly engender the confidence of its consumers in the company's products and services as insurance desks will be opened in all branches of the bank to render insurance services to the customers nationwide.

The Managing Director and Chief Executive Officer of Kapital Insurance, Mr. Mohammed Kari told newsmen that "with the Unity Bank's participation in Kapital Insurance, there would be easy access for funds when the need arises as Kapital is a subsidiary of Unity Bank.

"Besides, members of the insuring public would have much confidence to entrust their risks to Kapital Insurance". With the Unity Bank participation in the company there are a lot of opportunities for us to leverage on the bank's foreign connections for business diversification".

Kari said: "In realization of these objectives, our vision is to build an influential insurance brand with strong national presence and deep local roots, where the latest technology meets the highest professional standards, to create a world class insurance company in Nigeria and beyond".

He further said that "this is anchored on our mission statement to be a multi dimensional insurance company that makes positive contributions to the greater good of the insuring public, while ensuring adequate value of customers, well being of staff, and impressive returns to shareholders, at the same time maintain the highest ethical values in the industry".

Kapital Insurance Company Limited was incorporated in 1973 and commenced business in 1974 with authorized share capital of N7 billion, with N3.311 billion fully paid-up, shareholders' fund in excess of N6 billion total assets of about N5 billion, it has 16 branch network spread across the country.

The range of insurance services provided by Kapital Insurance include: energy, oil and gas, fire and allied perils, consequential loss, public liability, money, plant all risks, group/personal accident, employers liability/workmen's compensation, fidelity guarantee, goods-in-transit, marine hull/cargo/aviation, burglary and house breaking, motor and life portfolio.

The company has adequate reinsurance treaties from reputable local and international reinsurance companies.