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CHI Rights Issue hits 100.09% success

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Shareholders of foremost insurer, Consolidated Hallmark Insurance (CHI Plc), have affirmed their support for, and confidence in the operations of the organisation with a 100.09 per cent subscription of the last Rights Issue that set out to raise N500 million for business expansion.

The company, in the first phase of its capital raise exercise, offered one new share to every six held by its existing shareholders in the 1,000,000,000 units’ rights issue, which opened on October 16 closed on November 22, last year.

With the very successful rights issue and the resultant increase in its working capital, plans are already afoot to further expand operations and broaden its income streams. This is evidenced by the recent establishment of a Health Maintenance Organisation subsidiary (Hallmark HMO), and the deployment of a new user-friendly transaction-based website in a bid to deepen its retail footprints.

The Basis of Allotment of the rights issue subscription, as approved by the Securities and Exchange Commission (SEC), shows that there were no traded rights on the floor of the Nigerian Stock Exchange during the offer period as 100 per cent of applications complied with the terms of the offer.

In his reaction to the success of the offer, Managing Director/CEO of the company, Mr. Eddie Efekoha,  also the Chairman of the Nigerian Insurers Association, called on members of staff to see the expression of confidence in the activities of the organisation by shareholders as a call for even greater dedication to duties.

This, he said, would ensure expectations of clients were continually met through quality service delivery. He acknowledged that even greater efforts were required as the organisation grows bigger and strives to attain its vision of emerging as the first choice provider of insurance and other financial services in Nigeria.

The CHI boss said as a company, they were able to fulfill their claim payment obligations as at when due, having successfully settled claims to the tune of over N1.7 billion which is a 29 per cent increase over the N1.3 billion paid in 2015.

He said the company has also moved to ensure that its seamless service offerings are within the reach of our rapidly-growing clientele and potential customers by unveiling a new website –

“The new website has been designed to present an utmost user-friendly experience alongside hassle-free navigation and improved functionalities. It enables users, with a click, access to information on various classes of general insurance business to take decisions based on available options and forms of protection desired. With a very easy and friendly onboarding process, the website enhances the purchase of insurance products online through the aid of premium calculators. It also facilitates payments with Bank Debit Cards and online payments via specified bank accounts with several tier one and two banks.

“Also, through a Unique Customer Dashboard available for new and existing customers of the foremost insurance firm, they can view online real-time the status of their policies, and transactions. The functionality of the new website is further evident in the provision for clients to report and lodge in their claims, send supporting claims documents by uploading pictures and relevant forms as well as track the status of their claims.

“Built for the digital age, the website is easy to navigate and very suitable for the multi-device social networking customer. We believe that the closer insurance services are to the end users, particularly via desktops and mobile devices, the better for higher insurance penetration with the attendant positive effects on revenue growth.

‘’Deployment of latest technology is an integral part of the strategic plan of CHI Plc in our quest to emerge as a leader in the insurance industry,” he noted.

The post CHI Rights Issue hits 100.09% success appeared first on The Nation Nigeria.

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