Nigerian Newsday

More insurance companies are joining the recapitalization train to meet the February 28, 2007 deadline for consolidation.

While 30 insurance outfits have so far written to the National Insurance Commission (NAICOM) on the progress they have made to meet the deadline, eight have already formed four mega insurance groups.

The companies that have signed memoranda of understanding (MOU’s) are Royal Trust Assurance limited, Law Union and Rock Insurance Company Plc and worldwide Insurance Company limited.

Others are Elmac Assurance Company limited, Atlantic Insurance Company limited and Admiral Insurance Company limited, Custodian and Allied Insurance Company limited and Signal Insurance Company limited have almost concluded their merger arrangement as the board of directors of the two companies recently met and signed a court-ordered meeting of the shareholders of the two companies.

Also, Allco Insurance Plc and Nfi Insurance Company Plc boards of directors have given their blessing to the merger of the two companies. What is left of the transactions is the adoption of brand names under which the groups will operate.

The Commissioner of Insurance , Chief Okechukwu Chukwulozie confirmed that a number of merger agreements have been recorded while a lot more are in the offing.