Following the insurance regulation of 2005 that required insurance companies to recapitalised to the level of N3 Billion Naira for Non –life companies and N 2 billion Naira for Life companies. Veritas kapital assurance Plc then, (UnityKapital assurance PLC) is a product of the merger of 3 insurance firms which have over the years shared similar vision and missions. This companies that merged & consolidated are, Global Commerce and General Insurance Plc, Intercontinental Assurance Plc and Kapital Insurance Company Limited in 2007.
Incorporated in 1973 as a private liability Company under the name Kano State Insurance Company, Veritas Kapital Assurance Plc is registered by the Corporate Affairs Commission - RC 11785. The National Insurance Commission (NAICOM) responsible for the regulation of Insurance Business in Nigeria authorized Veritas Kapital (UnityKapital Assurance Plc) to effect and carryout contracts of General Insurance business under the following categorization:
- Insurance of Automobile
- Insurance of Property
- Insurance of Casualty
- Insurance of Transportation
- Insurance of Suretiship
- Insurance of Engineering Services and Equipment’s
- Energy Insurance
Approved products include:
Motor, Fire and special perils, Marine, Aviation, Workmen’s Compensation, General Accident, Engineering/Construction, Oil and Gas and Agricultural insurance and many more.