LASACO’s Participation in Power Plant Insurance Businesses in Nigeria

January 19, 2017 | posted in: | by

LASACO Assurance Plc pioneered the Insurance of private power plant when it led a consortium of 5 underwriters to insure AES Barge Limited in 2002. This upped the ante of our participation in power plant insurance business in Nigeria.

AES Barges Limited operates 9 GE Heavy duty MS 600IB barge mounted 35MW exclusively gas-fired turbine power generators.

In 2007, LASACO Assurance Plc led a consortium of 7 underwriters to insure 141MW Geometric Power Aba Limited.

Geometric Power Limited is a pioneer power project developer in Nigeria to provide high quality electric service to a limited number of large industrial and commercial clients.

The insurance covers the Erection All Risks, Business Interruption and Machinery Breakdown. Also the construction of the gas pipeline linking the plant was also insured by the consortium.

LASACO Assurance Plc currently participates as co-insurer in not less than 8 power plants in Nigeria.

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