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Insurers in Nigeria have unveiled plans to raise funds to retain capacity in oil and gas underwriting

Managing-Director-Custodian-and-Allied-Insurance-Company-Mr-Wole-Oshin

Chairman of the Technical Board of Energy and Allied Risks Insurance Pool of Nigeria, EAIPN, Wole Oshin, stated that the group has kicked off operations with 14 insurance companies, contributing $4 million as part of efforts to retain capacity in oil and gas underwriting, curb capital flight and grow the local market in energy and allied risks underwriting,

Oshin made this known after the recent inauguration of the Technical Management Board of the Pool by the Commissioner for Insurance,  Fola Daniel.

He said the Pool currently has 14 subscribers, who have contributed 40 per cent of their subscribed lines amounting to $4,000,000.

The 14 companies are; Leadway Assurance Company Limited, Custodian and Allied Insurance Plc, Aiico Insurance Plc, Lasaco Assurance Plc, Royal Exchange Insurance Co. Ltd, Consolidated Hallmark Insurance Plc, Sovereign Trust Insurance Plc, Linkage Assurance Plc, Industrial and General Insurance Plc, Nigerian Agric Insurance Corporation, NAIC, Sterling Assurance Company Limited, Prestige Assurance Plc, NEM Insurance Plc and NSIA Insurance Company.

Speaking further, Oshin expressed optimism that other insurance companies that have expressed their interest will subscribe to the Pool following its launch.

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