Regency Alliance Insurance Plc's board has approved a multi-phased capital-raising drive that includes a private placement targeting strategic investors. The move forms part of the insurer's broader recapitalisation strategy to meet minimum paid-up share capital rules set by the National Insurance Commission (NAICOM).
The company plans to place 7,368,421,052 ordinary shares with institutional backers. This injection aims to fortify its capital position, boost solvency margins, and expand underwriting firepower across the business.
The placement will also fund technology investments, new product development, and customer experience enhancements. Directors, management and key stakeholders gathered at the insurer's Lagos headquarters on Friday, July 10, to sign the formal agreement, underscoring their backing for the strategy.
The shares offering window opens on July 15 and shuts on July 16. Company officials said the initiative reflects confidence in Regency Alliance's governance framework and long-term direction.
"The private placement enables us to attract strategic investors whose participation brings long-term commitment, industry expertise, and broader market credibility," the insurer noted. The successful signing drew endorsement from legal advisers, issuing houses, stockbrokers and other stakeholders involved in the transaction.
The agreement represents a watershed moment in the recapitalisation programme. It demonstrates investor confidence in the firm's financial prospects and risk management systems as it charts its next phase of expansion.
