Universal Insurance Plc shares face potential total loss after the National Insurance Commission (NAICOM) revoked the company’s operating licence due to a capital shortfall. The regulator has appointed a liquidator to wind up the firm, rendering the N13.6 billion market capitalization highly uncertain. Shareholders, who recently participated in a rights issue, now hold a residual claim on assets only after liabilities are settled, following a pattern seen in previous insurance company liquidations. A proposed N7.1 billion private placement by FPNG Co-Nvest Limited failed to save the license in time.