By Kayode Tokede
The management of Wapic Insurance Plc has announced plans to change name to Coronation Insurance Plc.
This was part of the resolutions passed at the 61st Annual General Meeting (AGM) of Wapic Insurance held in Lagos.
The company secretary, Mary Agha in a signed statement on Monday to the Nigerian Stock Exchange (NSE) said, “That the name of the Company be changed from “Wapic Insurance Plc” to “Coronation Insurance Plc” and the Memorandum and Articles of Association Wapic.com of the Company be amended to reflect the new Company name with the Directors given the authority to do all things necessary to give effect to the resolution including obtaining all regulatory approvals thereon.”
Shareholders of Wapic Insurance had approved the company’s change of name to Coronation Insurance Plc. This is even as the company grew its Gross Premium Written (GPW) by 9.42 per cent to N15.2 billion in 2019 from N13.89 billion in 2018.
Other resolutions include pegging directors’ Fees for the financial year ending December 31, 2020 at N6.5million and the Directors be authorized to appoint an external consultant to conduct the Annual Board Performance Appraisal for the financial year ending December 31, 2020 in compliance with Article 5.07 (iv) of the National Insurance Commission Code of Good Corporate Governance for the Insurance Industry in Nigeria.
Addressing shareholders at the AGM, the newly elected Chairman of the company, Mr. Mutiu Sumonu, said the change of name was aimed at enabling the company reflect its independence, achieve set goals and in line with ongoing transformations in the nation’s insurance industry.
While highlighting the performance of the company in the year under review, Sumonu said that Wapic General Insurance paid N2.03 billion claims in 2019 and has paid over N814 million claims for the half year 2020.
Sunmonu stated that in spite of the lockdown, brought about by the COVID-19 pandemic, the firm has received regulatory approvals for bancassurance model which is in final stages of development, adding that the firm hopes to conclude and deploy the bancassurance model before the end of 2020 financial year.