Linkage Assurance Plc has obtained board approval to raise fresh capital of up to ₦16 billion as it moves to strengthen its financial position and support future growth.
In a resolution passed by the company’s Board of Directors, Linkage Assurance is authorised to raise ₦16,000,000,000 (Sixteen Billion Naira) or such other amount as the Board may later determine through one or a combination of the following options:
- Private placement
- Rights issue
- Public offer
The capital raise will be executed on terms and conditions, including pricing and timing, to be determined by the Board, and will be subject to securing all relevant regulatory approvals.
The move positions Linkage Assurance to take advantage of emerging opportunities in the insurance sector, enhance its capital base, and potentially meet any evolving regulatory capital requirements.
About Linkage Assurance
Linkage Assurance Plc is a non-life (general) insurance company headquartered in Lagos. It was incorporated on 26 March 1991 and licensed on 7 October 1993 to transact non-life insurance business.
As part of the Federal Government’s 2007 recapitalisation and consolidation reforms in the insurance sector, Linkage Assurance merged with Central Insurance Company Limited on 27 February 2007, creating a larger and stronger Linkage Assurance Plc that was approved by the National Insurance Commission (NAICOM) to continue as an insurer.
Linkage focuses on non-life insurance, offering products such as: Motor insurance, Fire and burglary, General accident, Oil & gas, Marine, Engineering, Aviation, Bond and surety and Agriculture insurance.