SUNU Assurances Nigeria Plc was incorporated as Equity Assurance Nigeria on December 13, 1984 and was licensed to underwrite all classes of general business. The company operates with a recently increased authorized share capital and shareholders fund. The company is a corporate member of the West African Insurance Company Association (WAICA) and the Nigeria Insurers’ Association (NIA), the official umbrella of registered insurance companies in Nigeria, as well as The Africa Insurance Organisation (AIO).
The company changed its name from Equity Assurance Plc to SUNU Assurances Nigeria Plc with due approval from the shareholders and its regulator, National Insurance Commission (NAICOM). The approval was dated 29th March, 2018 and a new license was issued by NAICOM.
The name change was necessitated as a result of SUNU Group’s (a foremost Pan-African Insurance Group), recent acquisition of majority stake in Equity Assurance Plc., With operations in 14 African countries and 25 office locations spanning West and Central Africa, this acquisition positions SUNU Assurances Nigeria Plc., to leverage SUNU Group’s vast network of knowledge capital, financial strength and technical resources in our quest to differentiate our offerings and service standards in the Nigerian marketplace.
In addition to strengthening the company’s balance sheet, this strategic investment and name change also provides SUNU Assurances Nigeria Plc. with critical organizational capabilities & competencies which is being harnessed to create and deliver value to our esteemed brokers and clients.
This new name reflects its pan African presence as a full-fledged member of the SUNU Group. The company continues to operate in its current structure, and other than the name change, there is no change in management as we keep providing tailored made products and better service on which SUNU Group has built its reputation across Africa.