Following the Insurance Regulation of September 2005 which required Insurance Companies to recapitalize to the level of N3 billion for Non-Life Companies and N2 billion for Life Companies, three Insurance Companies which had over the years shared similar visions and missions met and decided to merge and consolidate. Below is a table describing our history.
KICL re-branded by changing its name, colors and logo to UnityKapital Assurance Plc.
The three Companies merged together using common name Kapital Insurance Company Limited (KICL) under the midwifery of UnityBank Plc.
GCG re-engineered its services with injection of new shareholders and astute management.
CTICL changed its name to Global Commerce & General Assurance Company Limited.
Global Commerce & General Assurance Company Limited (GCG) was incorporated in Nigeria as Caring Trust Insurance Company Limited (CTICL).
KICL added Life and Pension business to their portfolio.
KICL was fully indigenized when Koguna Babura & Company) Insurance Brokers) bought over the equity holdings of Commercial Union Assurance Plc of England.
ICA obtained relevant operational license from the Director of Insurance in then Federal Ministry of Finance and Economic Development enabling the Company to start the transaction of all classes of insurance business except life.
Inter-Continental Assurance Company Ltd (ICA) was incorporated as private limited liability company.