Wapic Explains Change of Name to Coronation Insurance

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Goddy Egene

Shareholders of Wapic Insurance Plc has formally informed that the Nigerian Stock Exchange (NSE) about the change in its name to Coronation Insurance Plc. The name change was approved by the shareholders at the annual general meeting (AGM) held recently.

The 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.

Addressing the shareholders, Managing Director/CEO of the company, Mrs. Adeyinka Adekoya, said the group recorded a 17 per cent growth in gross written premium to N15.20 billion from N13.89 billion in 2018 for the year ended December 31, 2019.

The company said it had received regulatory approvals for bancassurance model which is in final stages of development and would deployed before the end of 2020 financial year.