Wapic Gives Reason For Name Change

The Chairman of Wapic Insurance Plc, Mr. Mutiu Sumonu, has revealed that the company’s change of name from Wapic Insurance Plc to Coronation Insurance Plc was aimed at enabling the company reflect its independence, achieve set goals and in line with ongoing transformations in the nation’s insurance industry.

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

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.