Unity Kapital Assurance Plc has changed its name to Veritas Kapital Assurance Plc.
The unveiling and rebranding ceremony to change the company’s name and logo took place in Abuja.
Managing director of Veritas Kapital Assurance Plc., Mr. Polycarp Didam, said the launch of the new name, new logo and new direction was borne out of the desire to take advantage of the significant opportunities that abound in emerging technologies such as it insure tech and cyber risk.
According to Didam, the shareholding capital base of the company is in excess of N10 billion, surpassing the legal requirement for capitalisation in its business.
The requirement for capitalisation of insurance business, according to him is supposed to be N3bn, but the shareholding capital of the company is in excess of N10bn.
He explained that the implication of this is that if the company wanted to be a composite company, it had already surpassed the requirement of the law
He said the company now has 14 branches and a client base in terms of individual customers is in excess of 1,000, while the corporate clients are in excess of 500.