An underwriter, Universal Insurance Plc, has reassured insurance brokers and other stakeholders of its readiness to meet the 2026 industry recapitalisation requirements, amid growing scrutiny over the financial strength of underwriting firms.

The assurance comes as the sector prepares for a major regulatory shift following the passage of the Nigeria Insurance Industry Reform Act (NIIRA), which raised capital thresholds for operators.

The act aims to strengthen the regulatory framework, improve claims-paying capacity, deepen insurance penetration and enhance policyholders’ protection.

Speaking at the 2026 Members’ Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, the Managing Director/Chief Executive Officer of Universal Insurance, Dr Japhet Duru, commended brokers’ contributions to the company’s growth, describing them as central to its distribution network.

“Brokers remain the backbone of insurance distribution. They are not just intermediaries but trusted advisors and critical drivers of our growth,” Duru said.

He said the company has taken deliberate steps to strengthen its engagement with brokers through improved service delivery channels, enhanced communication, streamlined underwriting processes and faster claims settlement.

Addressing concerns over the recapitalisation exercise, Duru said the insurer was already making significant progress toward meeting regulatory requirements.

“We are putting in place all necessary documentation to commence the rights issue and private placement. We have secured strong commitments from shareholders, many of whom are willing to retain and even increase their stakes.

In fact, the level of commitment suggests we may have to refund excess subscriptions at the end of the exercise, “he said.

President/Chairman of Council of the NCRIB, Ekeoma Ezeibe, commended Universal for sponsoring the evening, noting the high turnout as evidence of its relevance.

Ezeibe also highlighted the broader economic context shaping opportunities for the insurance sector, pointing to the ongoing government reforms and rising capital inflows.