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The Company
LASACO
Assurance Plc (LASACO)
was
incorporated on 20th December 1979 under the
Companies Decree of 1968 and was granted License to carry
out the business of insurance and other related business on 7th
July 1980. The company commenced operations on 1st
August 1980 with an authorized and fully paid-up share capital
of N500, 000.00
The Company
effected a change of name to LASACO Assurance Plc
in July 1988 following the promulgation of, and its
compliance with, the provisions of the Privatization and
Commercialization Decree No. 25 of 1988.
In accordance
with the Decree, LASACO’s shares were offered to the
public and were admitted to the Nigerian Stock Exchange (NSE)
by way of introduction, thus becoming the first
company to be listed on NSE by introduction. Consequent
upon this, LASACO became a Public Limited Liability
Company (Plc) in 1991.
Today,
LASACO’s authorized share capital stands at N7
billion. Our current paid-up capital is well over the
minimum combined capital base requirement of N5 Billion
stipulated by the National Insurance Commission (NAICOM)
in 2007 for companies underwriting both Life and General
Insurance Businesses.
The company
is currently headquartered within the central business
district of Ikeja, capital of Lagos State and operates
branches and underwriting offices in 13 locations, most
of which are in State Capitals in the North (Kano, Abuja
and Kaduna), South-West (Abeokuta, Ibadan and Akure),
South-South (Port-Harcourt and Calabar) and South-East
(Benin and Owerri). There are plans to expand the company’s
branch-and-operating-bases-network to include locations, which
are strategic to our business growth and prospects,
particularly, in oil and gas insurance business (Warri,
Eket and Bonny axis), solid minerals (Jos), Power and
Energy, improved sub-regional integration and the
accompanying free trade zone trade policies (i.e. cross-border
expansion into selected ECOWAS countries).
In addition
to our branch network operations, the company also transacts its
business using a network of experienced Brokers and Agents
spread across the length and breadth of the country.
Our goal
is to deliver exceptional stakeholder value by offering first
class, innovative products and services to all classes of
customers both
existing and potential. In meeting this objective, we seek to
remain both proactive and flexible in order to
meet the changes constantly occurring in the environment and, in
particular, in our industry, as well as the peculiar
requirements of our customers.
LASACO
Assurance Plc currently
transacts all classes of insurance
(click to see
business coverage)
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