Regency Alliance Insurance Plc has said that its Board of Directors approved a multi-phased capital-raising programme comprising, among other initiatives, a private placement targeted at strategic investors.
The insurance company said this decision is part of its recapitalisation strategy and in furtherance of the minimum paid-up share capital requirements prescribed by the National Insurance Commission (NAICOM).
The private placement of 7,368,421,052 ordinary shares of Regency Alliance Insurance Plc is designed to strengthen the Company’s capital base, improve solvency Margins, enhance underwriting capacity, support business expansion and fund key investments in technology, product innovation, and customer experience.
The formal signing ceremony, which was held on Friday, July 10, is another major milestone, setting the stage for the next phase of its capital raise and strategic expansion.
The signing ceremony, which held at the Company’s headquarters in Lagos, brought together members of the Board of Directors, Management, Issuing Houses, Legal Advisers, Stockbrokers, and other key stakeholders in a strong demonstration of confidence in Regency Alliance’s future.
The shares placing list opens on July 15 and closes on July 16.
The company said the private issue is aimed, among others, to bolster Alliance Insurance Plc’s solvency ratios, support business growth, and invest in digital infrastructure and new product development. The successful signing reflects strong endorsement from the Company’s advisers and confidence in Regency Alliance’s governance, risk management framework, and long-term strategy.
The private placement enables Regency Alliance to attract strategic investors whose participation brings long-term commitment, industry expertise, and broader market credibility.
The execution of the Private Placement Agreement represents a significant milestone in the Company’s recapitalisation programme and reflects the confidence of strategic investors in the governance framework, financial prospects and long-term strategy of Regency Alliance Insurance Plc.