Universal Insurance Plc has signed a binding agreement for a N7.128 billion equity injection from FPNG Co-Nvest Limited. The investment, executed through a private placement, will see FPNG acquire a 50.1% majority stake in the insurer. This move is designed to help Universal Insurance meet the National Insurance Commission (NAICOM) minimum capital requirements following the recent industry recapitalization exercise. The company has secured necessary board and shareholder approvals and is currently engaging with regulators to finalize the transaction.