The shareholders of FBN General Insurance, a general insurance company, have injected additional capital of N1.048bn into the company, bringing its total share capital to N5.bn.
The firm said this in a statement on Thursday titled ‘FBN General Insurance shareholders drive innovation with additional funds’.
The Managing Director/Chief Executive Officer of the company, Bode Opadokun, said, “By this increased share capital, FBN General Insurance is set to meeting stakeholders requirement of driving innovation in our business model, processes, products and services in this new year and beyond.”
FBN General Insurance is one of the few general insurance businesses to meet the first phase of recapitalisation before the insurance regulator, National Insurance Commission, put the industry’s recapitalisation on hold.
FBN General Insurance is a subsidiary of FBN Insurance Limited and a member of the Sanlam Group