LASACO Assurance Plc has raised a record N19.3 billion through a rights issue, underscoring the growing scramble by underwriters to strengthen their capital base as the industry positions for a new era, stronger underwriting capacity and increased competition under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The capital raise exceeded the company’s initial target of N18.47 billion by about 4.5 per cent.

Insurers are repositioning for a post-recapitalisation era expected to be driven by stronger balance sheets, improved underwriting capacity, enhanced risk retention and increased competition.

The development also reinforced investors’ growing confidence in insurance stocks amid sweeping reforms that have transformed the sector over the past year.

Managing Director/Chief Executive Officer of Lasaco Assurance, Ademoye Shobo, described the successful capital raise as a significant milestone in the company’s transformation journey and a clear endorsement of its long-term strategy by shareholders and investors.

According to him, the overwhelming response to the rights issue demonstrates the confidence of the investment community in the company’s governance standards, financial fundamentals and future growth prospects.

“This successful capital raise represents far more than regulatory compliance. It reflects the confidence our shareholders have in our vision and reinforces our commitment to building a stronger, more resilient and more competitive insurance company. We are grateful for the trust reposed in us and remain committed to delivering sustainable value to all stakeholders,” he said.

Shobo said the fresh capital would be deployed to strengthen the company’s underwriting capacity, accelerate digital transformation, expand product offerings, improve customer experience and position the insurer for sustained growth in Nigeria’s evolving insurance market.