International Energy Insurance Plc has launched a N17.5bn public offer as the underwriter moves to strengthen its capital base amid ongoing recapitalisation efforts in Nigeria’s insurance industry.
The company disclosed this in a statement issued on Wednesday, announcing the commencement of the public offer, which opened on May 20 and is scheduled to close on June 11, 2026.
According to the statement, the offer followed a signing ceremony held on May 11, 2026, in Lagos, which it described as “a significant milestone in the company’s recapitalisation journey and long-term growth plans.”
IEI said it was offering 5.47 billion ordinary shares of 50 kobo each at N3.20 per share, with the exercise expected to raise N17.5bn from institutional and retail investors.
The firm said the capital raise would strengthen its position in the insurance market and expand its underwriting capacity.
It said, “This initiative is designed to strengthen IEI’s position within the insurance industry and enhance its capacity to deliver specialised services as a leading general insurance provider.”
The company added that the fresh capital “will provide the necessary resources to expand the company’s underwriting capabilities and improve its competitive edge in the Nigerian financial services sector.”
Nigeria’s insurance sector has witnessed increased recapitalisation activities in recent months following regulatory reforms and heightened capital requirements aimed at strengthening operators’ financial capacity and improving public confidence in the industry.
IEI, an NGX-listed general insurance company and subsidiary of Norrenberger Financial Group, said the offer formed part of its broader growth and transformation strategy.
The statement noted that CardinalStone Partners was acting as the Lead Issuing House for the transaction, while Anchoria Advisory Services, Norrenberger Advisory, and Vetiva Advisory Services Limited were serving as Joint Issuing Houses.
According to the company, the transaction reflects “the market’s confidence in IEI’s revitalised business model and its commitment to creating long-term value for its shareholders.”
It further stated that the public offer would allow investors to participate in the company’s expansion plans as it seeks to deepen its operations within the insurance sector.
“As the company moves into this new phase, it remains focused on operational excellence and digital transformation to better serve its growing clientele,” the statement added.
IEI, established in 1969 and headquartered in Lagos, operates in the general insurance segment, offering underwriting services across property, casualty, and related risks.
The company said it distributes its insurance products through licensed brokers and serves corporate organisations, public sector institutions, and private individuals.
The insurer is regulated by the National Insurance Commission under the Nigeria Insurance Industry Reform Act 2025.
The insurance sector is undergoing a recapitalisation process with new Minimum Capital Requirements of N10bn, N15bn, N25bn, and N35bn for life, non-life, composite, and reinsurance companies, respectively, and a shift to a Risk-Based Capital framework for insurance and reinsurance companies in Nigeria.
The PUNCH earlier reported that shareholders of International Energy Insurance Plc approved management to raise about N17.5bn in additional funds as part of its recapitalisation drive.
