LASACO Assurance Plc, under the new able leadership of Chief Mrs Teju Philips has scaled the first hurdle of few recapitalisation exercise for insurance and reinsurance companies mulled by the National Insurance Commission (NAICOM) which came up last year for the strengthening of the financial bases of underwriters
According to positive information emanating from the Company, it has been able to meet the December 31st deadline of the first phase of recapitalization with the fresh injection of N3.5b by its parent entity, the Lagos State government that has vowed to keep the company in good stead to the advantage of shareholders and the general public.
This exercise would have been perfected earlier by LASACO but the emergence of the coronavirus pandemic which forced global economic lockdown coupled with the #EndSARS protests which became violent, prevented it, thereby extending it to this month.
NICOM mandated underwriters to shore up their existing minimum paid-up capital to N2 billion in the first phase and meet up the final minimum paid-up capital requirements of N8 billion by the end of September 2021.
NAICOM made it known that insurance companies that failed to satisfy the required minimum paid-up capital by December 31, 2020 shall be restricted on the scope of business they would transact.
LASACO Assurance Plc is a composite insurance and financial services company incorporated on 20th of December 1979 under the Companies Decree of 1968. The Company, then known as Lagos State Assurance Company Limited Obtained License as an Insurer on 7th July 1980 and commenced business operations on 1st of August 1980.
With the vast opportunities presented by increased capitalization for business expansion and growth, LASACO became a Public Liability Company in 1991 when its Shares were admitted for the first time to the Nigerian Stock Exchange (NSE) through listing by Introduction. Now in its third decade, LASACO has grown considerably in size, business coverage, profits, capital base and assets with its operations spanning all classes of the Insurance and Special Risks business, high impact financial services and Real Estate. The Company’s businesses are conducted through a network of thirteen regional and branch offices spread across Nigeria, administered by well qualified, experienced and dedicated personnel.
Following our successful recapitalization in 2007, the Company’s total assets increased to N9, 897,073,000 with a combined authorized Group Share Capital in excess of N 6.5 billion and a paid-up share capital of N3.6 billion.
LASACO’s business portfolio currently includes leadership and significant share of key Federal and State Governments Insurance businesses, multinational and private companies underwriting businesses in major sectors of the economy, from heavy Engineering, and Construction, Banking and Finance, Manufacturing Agriculture, Tourism, Life Covers to the high-tech capital intensive, special risks areas of Oil and Gas, and Aerospace. LASACO’s business interests also include Real Estate, and through its various non-core business investments. The Company also holds Shares in many blue-chip enterprises.