Sovereign Trust Insurance Plc, has met the new recapitalisation requirement for non-life insurance companies prescribed by the National Insurance Commission (NAICOM), under the Nigeria Insurance Industry Reform Act, (NIIRA) 2025. This feat has reinforced the Company’s financial strength and commitment to long-term growth.
The achievement marks another significant milestone in the Company’s journey of building a stronger, more resilient and future-ready insurance business, while positioning it to take advantage of emerging opportunities within Nigeria’s evolving insurance market.
Commenting on the development, Lucas Durojaiye, managing director/CEO of Sovereign Trust Insurance Plc, said the Company’s achievement reflects the confidence of its shareholders and stakeholders in its strategic direction and growth prospects.
In his words, “Meeting the new recapitalisation requirement is a significant milestone for Sovereign Trust Insurance Plc. It demonstrates the strength of our business, the confidence of our shareholders and our commitment to maintaining the highest standards of financial capacity and corporate governance.”
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