The management of Niger Insurance Plc is concluding arrangements to float a rights issue before the end of first quarter, 2012.

According to the company, the rights issue would enable them raise new capital to support operations and make new investments in core areas of insurance business.

The company, which had previously secured approval of shareholders, is optimistic that all necessary regulatory approval would be gotten in the next few weeks.

Niger Insurance Plc in 2010 operated with an asset base in excess of N21 billion, shareholder’s fund of over N4.2 billion and gross premium income of N7.04 billion.

The company has also put in place sound reinsurance treaties with first class Reinsurance Companies.
A top official of the company said the organization is in the process of injecting fresh fund into its operations which in turn would realign her investment portfolio, re-launch products, and expand branch network as well as information technology.

According to him, the company has seen some opportunities in the market and so would raise cash to enable it take prime position in the near future.

“We will continue to build business and embark on more aggressive marketing”, he noted.

Niger Insurance,twoyears ago embarked on redevelopment of its Ikoyi property into upscale residential apartments by erecting additional block of 14 flats making the number to 24, and this the company observed would enhance shareholders value in the company.

Beyond that, the company has successfully completed and launched its multi- billion naira River Plaza and Mall Project on the Central Business District in Abuja and is currently occupied by high profile tenants like the Economic Community of West African States (ECOWAS) and the Federal Inland Revenue Services (FIRS) among others.

Managing Director of the company, Justus Uranta has disclosed during a meeting with Journalists recently that the company in the last three years embarked on “Niger Enterprise Strategic Transformation (NEST)” agenda, whose focus is to enhance speed and efficient service delivery.

“We are pleased to inform you that this whole hub of transformation agenda has started yielding positive result”

According to him, the company has reviewed its business operation and is convinced of clear indices of improved premium income and underwriting profit.

Mr Uranta said the company is ready to key into the various programmes of the federal government and its agencies to maximize her income and add more value to its shareholders. “As a major player in the industry, we will continue to support the regulatory framework and implementation of its measures and guidelines”, he added.