insurance stocks

[pumping]

Originally Posted by Survival2006

Damo!
How now? You don bail from First Alum? The thing don come down to N1.76, one of the penniest stock now o. Maybe with the name some thought it was owned by FIRST BANK

You mean to say no be First Bank get am...????

[DaInvestor]

with the court reversal of the consolidation exercise in the insurance industry whats the way forward with in surance stocks.

after noticing the trend in the past 2 months i dont think its just about the market being bearish anymore, people are dumping these shares because of instability in the industry, and a lot of uncertainity too.

i guess i should do the same too, so as to cut down on my loses b4 alarm blow, or what do u guys think.

Proshare News

check out the link, hope it works

[pumping]

Well, it was illegal for Naicom to compel the insurance companies to raise capital base resulting in the mergers but should it be a problem if some of them agree to remain together??

I suppose some insurance companies will go ahead with their merge. This should be voluntary. It is a matter of time before the law is amended.

[Apache]

hi guys,
does anyone know what was the judgement passed on the insurance recapitalisation process, i thought a hearing was supposed to be made on Nov 8

[Apache]

FG okays 49 insurance firms, sacks NICON, Nigeria Re boards

[Gengen]

The good news, refered to as "FG okays 49 insurance firms, sacks NICON, Nigeria Re boards" or "Nigeria forces through reform of insurance sector", by another media, made an immediate impact today, 15/11/2007. Almost all the insurance companies appreciated at almost maximum rates. 22 out of 26 appreciated. The 4 without appreciation are probably suspended for public offers. See details at bottom. The release of the N80bn raised by the insurance firms during the recapitalisation will also boost the stock market.

Is this the time to re-strategise and go Insurance????


COMPANY.........Opening price...Closing Price......Increase
ACENINS..............0.95................0.95..... ............0.00%
AIICO..................3.43................3.43... ..............0.00%
BAICO..................2.52................2.52... .............0.00%
CONTINSURE.........2.96................3.1........ ..........4.73%
CORNERST............3.2..................3.36..... ...........5.00%
CRUSADER............4.31.................4.52..... ...........4.87%
CUSTODYINS.........3.01................3.16....... .........4.98%
EQUITYASUR.........1.33.................1.39...... ..........4.51%
GNI......................3.8..................3.8. .................0.00%
GUINEAINS............1.78.................1.86.... ............4.49%
INTENEGINS...........1.69.................1.77.... ...........4.73%
LASACO................2.6...................2.73.. .............5.00%
LAWUNION.............3.15.................3.3..... ............4.76%
LINKASSURE...........2.03.................2.13.... ...........4.93%
MBENEFIT..............2.96.................3.1.... .............4.73%
NEM......................2.26.................2.37 ...............4.87%
NIGERINS...............3.9...................3.9.. ...............0.00%
OASISINS...............1.83.................1.92.. .............4.92%
PRESTIGE...............6.51..................6.83. ..............4.92%
ROYALEX................3.76...................3.94 ..............4.79%
SOVRENINS.............2.7....................2.83. ..............4.81%
STACO...................2.16..................2.26 ...............4.63%
STDINSURE.............3.3....................3.46. ..............4.85%
UNIC......................3.0...................3. 15................5.00%
WAPIC....................7.02.................7.37 ................4.99%

[c kenneths]

I knew all insurance stocks will now start to appreciate to new heights owing to this latest judgment where Nicon lost its case against the NIS and FG.

This is the catalyst investors have been waiting for before investing, but for those in the know, this is not a strange occurrence since it will be difficult to defeat the government in a major policy issue like the capitalization exercise.

I salute the courage of the investors that has been accumulating holdings in these companies even with the coast not clear enough. A friend I know has emptied all his savings in these insurance stocks, its possible he could have lost, but now it appears he will win big, very big.

However care must be taken that we don’t get carried away by the euphoria of the moment and start buying all stocks, both valuable and not. I want to concentrate on the ones with better fundamentals.

[olusolakemmy]

yes, the time people have been waiting for is here.
just the kind of rally in the banking sector earlier this year is about to happen in the insurance.
but please, there is a strange thin on the list, EQUITY ASSURANCE plc is not on the 49 list!!!!!!!!!!!!1
is my eye deceiving me or what?
even some small insurance firm were listed.
although the price still went up by 5% despite that, i still need an expert view on that issue.
there is equity indemnity insurance plc, there is equity insurance limited, but equity assurance plc is missing.
i tried reaching sterling registra, but non of their 9numbers went through.
i really need to know whats up before i make further decisions.

[windywendy]

Equity Assurance is "equity indemnity insurance".

[Apache]

Kindly find below the 49 that made it:

(1) Guardian Express Assurance Co. Ltd
(2) Cornerstone Insurance Plc
(3) Niger Insurance Plc
(4) Staco Assurance Plc
(5) Leadway Assurance Co. Ltd
(6) WAPIC Insurance Plc
(7) Guaranty Trust assurance Plc
(8) Yankari Insurance
(9) Oceanic Insurance Co.Ltd
(10) Lasaco Assurance
(11) ADIC Insurance Co. Ltd
(12) Prestige Assurance Plc
(13) International Energy Insurance
(14) Zenith Insurance Co. Ltd
(15) Royal Exchange Assurance Co. Plc
(16) Equity Indemnity Insurance Plc
(17) Union Assurance Company Ltd
(18) UNIC Insurance Plc
(19) Mutual Benefits Assurance Plc
(20) Alliance and General Insurance Plc
(21) Custodian and Allied Insurance Plc
(22) Law Union and Rock Insurance Plc
(23) Crusader Insurance Plc
(24) Regency Alliance Insurance Plc
(25) Standard Insurance Plc
(26) Standard Life Assurance Plc
(27) Anchor Insurance Co. Ltd
(28) Industrial and General Insurance Co. Ltd
(29) Goldlink Insurance Plc
(30) Great Nigeria Insurance Plc
(31) Guardian Trust Insurance Co. Ltd
(32) Heirs Life Assurance
(33) OASIS Insurance
(34) Sovereign Trust Insurance
(35) Kapital Insurance Co Ltd
(36) Sterling Assurance Nig. Ltd
(37) Capital Express Insurance Co. Ltd
(38) Linkage Assurance Plc
(39) Equity Life Insurance
(40) Consolidated Hallmark Plc
(41) Unitrust Insurance Co. Ltd
(42) Universal Insurance Co Ltd
(43) AIICO Insurance Plc
(44) Investment and Allied Insurance Co. Ltd
(45) Continental Reinsurance Co. Plc
(46) Guinea Insurance Plc
(47) NEM Insurance Plc
(48) African Alliance Insurance Co. Ltd
(49) Nigerian Agricultural Insurance Corporation.

In essence, the above listed insurance companies are adequately capitalised to carry on insurance business in Nigeria - Federal Government of Nigeria

[balaliyu]

Without sounding pessimistic, I personally think that the last is yet to be heard of this case. Whether Jimoh is right or wrong, a case is pending in Court and an injuction actually issued over this matter.

There are political undertones, and this is an acid test for this adminstration's commitment to the rule of law. My advise - like someone said on this forum, dont get carried away with the bandwagon--hunt for value stocks within the stack.

Cheers....B

[Apache]

For me, the most important news here is that the =N=80b held in the CBN's escrow account has been released. As regards the court case etc, it's just a battle for survival btw NICON and FG which i don't feel will affect other Insurance companies. As you can see, some of them are gearing to come back to raise more funds.
I think AIICO's public offer will provide a good entry point into the company and hopefully they will be able to bring in AIG into the scenario after they ran away cos of the uncertainties surrounding the recapitalization process.

[Dankem]

Hello All,

I got an information about the newly approved insurance companies by the Federal Government. I am interested in these stocks but I need information about their present performance in the market to be able to make an informed decision. Can someone furnish me with these details?

Thanks

[olusolakemmy]

Originally Posted by windywendy

Equity Assurance is "equity indemnity insurance".

thanks windywendy, i was at sterling registra myself today, they couldnt come up with an information, i got equity assurance address from them anyway, i went there immediately, i was reffered to the department that handle shareholders information where i was reliably informed that equity indemnity was the old name, after the merger with first assuarnce the name changed to equity assurance.
appreciate your response anyway.

[Natty]

Hi Guys,
I have just been informed about Universal Insurance Private Placement @ N1.50k. Can someone confirm this deal. If afirmative, does anyone in the house have any info about Universal Insurance?

God bless SMN

[Geeman]

Originally Posted by Natty

Hi Guys,
I have just been informed about Universal Insurance Private Placement @ N1.50k. Can someone confirm this deal. If afirmative, does anyone in the house have any info about Universal Insurance?

God bless SMN

I am told that this PP closed on 16 November, 2007 though you can still buy this week. The selling Price was 95k. 1.50k appears too high for me.
Good luck!

[ikpong]

Please can someone post the prospectus for Universal Insurance private placement. Who are those behind the company? Also, I would like to know the stock broking firm(s) handling it so that I can possibly participate in it. Chances are that they may extend the offer period as it is often the case with this type of offer.

Thanks.

Ikpong

[laman]

Does anybody have any info on globe-reinsurance. I am in los angeles which seems so far away from everything. I know it was not among the 49 listed. Whats really happening here

[Geeman]

Originally Posted by ikpong

Please can someone post the prospectus for Universal Insurance private placement. Who are those behind the company? Also, I would like to know the stock broking firm(s) handling it so that I can possibly participate in it. Chances are that they may extend the offer period as it is often the case with this type of offer.

Thanks.

Ikpong

Futureview is one of the issuing houses. I got some today. You can still buy till the end of the week at 95k. I don't have the the Prospectus, but you can call and speak with Tosin at Futureview on 08035017448.

[Apache]

Guys,
I just don't understand this Crusader third quater result o!. As at 2nd quarter, they had a PAT of =N=593m and i was already looking forward to a PAT of close to a billion naira.
Now they have released the 3rd Quarter results and they are reporting a PAT of =N 576m. Na wa o! does that mean they didn't make any profit in Q3 abi did they pay a lot of claims in this quarter? but their turnover increased by over 600m against Q2, at least some monies from that suppose trickle down to profit
Na wa o!