At the last count, NICON Group has 10 subsidiary companies and is working hard on increasing the number of subsidiaries in the group, Group Managing Director of NICON Group of Companies Plc, Dr. Catherine Okpareke, said.

She informed management of First Bank during a courtesy visit in Lagos that "NICON Group has 10 subsidiary companies and still growing. NICON Insurance is just one of the subsidiaries in the group".

Okpareke also affirmed that the NICON Insurance Plc is not only the biggest risk underwriting company in the country but in the whole of West, East and Central Africa.

With regards to NICON Insurance, one of the subsidiaries of the group, Okpareke said that the capital base of the risk underwriting firm has risen to over N35 billion, making it the biggest insurance company in the whole of West, East and Central Africa as at today.

"We are here to let you know that NICON Insurance is back and that we have resolved our recapitalisation problems with the Federal Government. NICON Insurance is the biggest risks underwriting company in the whole of East, West and Central Africa.

"With the fresh funds that was injected into the company recently, our capital base is now in excess of N35 billion and our asset base has risen to N50 billion. We have 60 branches and zonal offices across the country and our experience cannot be rivaled in the industry," Okpareke said.

The Group Managing Director told the management of First Bank that the organisation has a going relationship with the bank which she wants not only to sustain but also deepened, even as she reassured the bank that the company has the capacity to insure up to 50 per cent of the bank's financial risks.

"We have a relationship with First Bank which can be deepened and we want it sustained. With your support, we have the capacity to insure 50 percent of your risks including credits granted to customers by your branches nationwide," she said.

In return for the bank's patronage, the management of the insurance company assured the banks of businesses not only by the NICON Insurance but that of the whole NICON Group.

Allaying the fears of its stakeholders on the stability of board and management of the company, the Group Managing Director said "a new management is now in place and with the fresh capital introduced into the insurance group; we are in the process of clearing all outstanding claims and financial obligations to insurance brokers and other creditors of the company.

"We have also put in place a "cash and carry" policy with respect to payment of claims, commissions and service delivery", she added.

Responding, the Managing Director of the bank, Mr. Jacob Ajekigbe noted that the visit was timely given that it came at a time that the renewal of insurance account of the group for 2009/2010 period is in process.

He also observed that NICON Insurance used to be a household name in the country in the past and charged the present management to meet up the challenge of surpassing past records of the company.

The First Bank boss also stated the bank's expectations from its risks underwriter saying "we insist on proper management, promptness in claims settlement and also past relationships. These are the things we look at when insuring our risks".

Ajekigbe also confirmed that the bank has applied to the National Insurance Commission (NAICOM) for a license to operate in the life insurance arm of the industry, adding that opportunities for insurance firms to excel abound in Nigeria.

Just recently, the management of the insurance firm stated its readiness to partner with banks in the country in its attempts to regain its leadership position in the country's insurance industry. It also solicited for cordial relationship and business partnership with the banks.