IN a decisive and bold move to transform Union Assurance Company PLC into a formidable player in the Nigeria insurance industry, the company recently received additional capital injection of N3.7 billion from Global Holdings Limited.

Greenoaks Global Holdings Limited successfully acquired Union Assurance Company Plc from Union Bank of Nigeria Plc for the sum of N7 billion late last year.

The Chief Financial Officer (CFO) of Union Assurance, Segun Adesanya, said that the additional capital injection would ensure that the Company is operating beyond the stipulated solvency margin stipulated by National Insurance Commission (NAICOM) in addition to its being better positioned to effectively execute improved and impactful underwriting services.

Union Assurance Company Plc recently re-constituted its Board of Directors with the pioneer Chief Executive Officer and co-founder of Guaranty Trust Bank Pl, Mr. Fola Adeola emerging as the Chairman.