Shareholders of Wapic Insurance Plc (NSE Ticker: WAPIC) at its 61st Annual General Meeting (AGM) held on Wednesday August 12, 2020 approved the change of name of the company. The name is to be changed from “WAPIC INSURANCE PLC” to “CORONATION INSURANCE PLC.”
The Memorandum and Articles of Association of the Company is to be amended to reflect the new Company name with the Directors given the authority to do all things necessary to give effect to the resolution including obtaining all regulatory approvals thereon.
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History of the company
The Company was incorporated on 14 March 1958 as a private limited liability Company under the name of West African Provincial Insurance Company Limited and was converted to a public limited liability company on the 31st day of August 1990 when the Company’s shares were listed on the Nigerian Stock Exchange.
The Company was issued a life insurance license by the National Insurance Commission (NAICOM) in the year 2000 and became a composite insurance business offering general and life insurance until March 1st 2007 when, in furtherance of the objective of complying with the requirements of the National Insurance Commission, the Company established Wapic Life Assurance Limited as a wholly owned Subsidiary to which it transferred the related life assets and liabilities.
The Company became a Subsidiary of Access Bank Plc in 2011 and was subsequently divested to enable compliance by the Bank with the Central Bank of Nigeria (CBN) Regulation on the Scope of Banking Activities and other Ancillary Matters on the permitted activities of Commercial Banks with International Authorization.
The Company’s principal activities include underwriting the various classes of insurance such as general accident, fire, motor, engineering, marine insurance aviation, oil and gas and other special risks.
In addition to its Life Subsidiary – Wapic Life Assurance Limited, the Company also has an International Subsidiary – Wapic Insurance (Ghana) Limited which was established on 21 January 2008, and associate companies – Coronation Merchant Bank Limited and Coronation Securities Limited.
WAPIC have a total of 23,991,679,506 outstanding ordinary shares, and a market capitalization of N7.677 billion at the time of this report. Its shares closed at N0.32 at the end of trading today on the floor of the Nigerian Stock Exchange.
Written by;
Nnamdi M.
