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Why Consolidated Hallmark extended Rights Issue – CEO

Consolidated Hallmark Insurance Plc has said it extends its right issue from April 1st 2020 to May 1, 2020 due to the COVID-19 pandemic that…

Consolidated Hallmark Insurance Plc has said it extends its right issue from April 1st 2020 to May 1, 2020 due to the COVID-19 pandemic that is ravaging the economy.

The insurance company had announced N1.05bn Rights Issue to increase additional capital in response to the recapitalization drive of the insurance sector. It offered 2,032,500,900 units of 50 kobo each at 52 kobo per share through a rights issue to existing shareholders.

The risk underwriting company’s Group Managing Director, Mr. Eddie Efekoha, who disclosed this during a Channels TV programme, said “the outbreak was the major cause of the extension of the offer period to 1st of May from the 1st of April as approved by Securities Exchange Commission (SEC).”

The insurer explained that it was owing the fact that discerning investors would usually wait to the last week of the offer before putting their money through.

Speaking on the pandemic and impact on insurance industry, Efekoha, who is also the President of the Chartered Insurance Institute of Nigeria (CIIN) noted that there was no insurance cover for pandemics such as Covid-19 in Nigeria, and only very few cases abroad.

He projected a rise in demand for the cover in the coming weeks as people’s eyes would have been opened to the benefits of insurance.

The CIIN President said:  “In the days, months and years ahead, we expect insurance cover for pandemics and other infectious outbreaks  to be in high demand and the insurance industry would be expected to come up with an appropriate response and when it is done, the insuring public would be made aware.”

According to him, the insurance companies may not pay claims for business interruption associated directly with the Coronavirus pandemic due to the absence of the cover but the sector remains poised to respond appropriately when business interruption occurs due to specified risks in policies like fire outbreak, explosion damage etc.

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