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Lasaco meets recapitalisation deadline

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Lasaco

Lasaco Assurance Plc, under the new leadership of Chief Teju Philips, has scaled the first hurdle of the recapitalisation exercise for insurance and reinsurance companies mulled by the National Insurance Commission (NAICOM) to strengthen the financial bases of underwriters.

The firm met the December 31, 2020, deadline given to underwriters to recapitalise by the nation’s insurance regulatory body, the National Insurance Commission.

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The feat by the company has further increased the shareholders’ confidence in the management’s decisions with hope for a better and rewarding future. The firm was able to beat the recapitalisation deadline, following the injection of ₦3.5 billion by its major shareholder.

The outfit, incorporated December 20, 1979, is a registered composite insurance and financial services company in Nigeria, that offers life and non-life insurance, oil and gas insurance, asset management and investment financial services. The firm granted license to carry out insurance and other related businesses on July 7,1980 and on August 1, 1980, commenced operations.

The company currently operates from its headquarters at Ikeja, Lagos State Nigeria with branches and underwriting offices in 15 other locations.

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