Wapic Insurance Explains Reason it Changed Name to Coronation

The board of management, Wapic Insurance Plc formally informed the Nigerian Stock Exchange (NSE) that it has changed its name to Coronation Insurance Plc.

According to the insurance company, the change of name was approved by the shareholders at the annual general meeting held by the company recently.

Mr. Mutiu Sumonu, the Chairman of the company, explained that the decision to change the company’s name was to enable the organisation reflects its independence and achieve set goals in line with ongoing transformations in the insurance sector.

Addressing shareholders in the last meeting, Mrs. Adeyinka Adekoya, the Managing Director and Chief Executive Officer of the Company, said the company’s gross written premium grew by 17 percent from N13.89 billion in 2018 to N15.20 billion in 2019.

Coronation Insurance Plc added that it had received approval for bancassurance model which is in final stages of development and would be deployed before the end of 2020 financial year.