Six years after recapitalization exercise is enough time to assess the performance off the industry, whether it is in line with the expectations of the stakeholders. However, Ibrahim and Abubakar (2011), in a study titled “Recapitalization and Profitability of Quoted Insurance Companies in Nigeria, reported thus, “The findings from the study revealed that recapitalization has not impacted significantly on the profitability of quoted insurance companies in Nigeria both before and after the 2006 recapitalization, even though there are some indications for improvement in absolute average profit figures during the post recapitalization, the increase in the share capital base of insurance companies Nigeria, does not commensurate with the level of profitability achieved by the companies”. Additionally, Insurance Professionalism in Nigeria (2011), statistically showed Nigerian Insurance Industry as being in the fourth position among the top 10 African countries total premium volume for 2011. Nigeria trials behind South Africa, Morocco and Egypt, even though she potentially has the largest insurance market population in African continent. Azmi (2006) stated that Ethics is an attempt to work out the rights and obligations we have and share with others. This implies according to (Azmi, 2006) that business ethics becomes a prerequisite for conducting any type of business, particularly in the global market place. No business organization operates in a vacuum, but rather have multiple relationship with stakeholders such as customers, employees, suppliers, etc. who perhaps would prefer their company to be ethical. Azmi (2006) also noted that the importance of building a strong ethical culture is integral to the reputation, growth, and finances of any organization. It builds a brand that attracts the best talent and creates trust among the stakeholders. Furthermore, he sends business competitiveness, when ethical failure diminishes the reputation of a company and its products, locally and globally