07 Oct AfricInvest acquires stake in Royal Exchange General Insurance
Royal Exchange General Insurance Company on Wednesday announced the acquisition of a minority stake in the company by AfricInvest, a Pan-African asset management company.
It said in a statement that the investment was made through its evergreen private equity fund, FIVE, in the form of a subscription to a capital increase.
The underwriting firm said, “The desire to participate in more large-ticket corporate transactions, diversify existing business and product lines as well as diversification of delivery channels were some of the key drivers behind this push for additional working capital by REGIC.
“The additional working capital will also enable the company to expand its underwriting capacity in key business areas such as the retail mass market, agricultural insurance and insurtech, which is the future of insurance.”
It added that the new investment, which had already been approved by NAICOM, would, in addition to supporting the enhancement of REGIC’s underwriting capacities, strengthen the company’s execution capabilities at top and middle management in order to ensure the successful implementation of an ambitious growth plan for the company within the next five to seven years.
REGIC, which is one of Nigeria’s private insurance companies, was established in 2008, following the restructuring of the then Royal Exchange Assurance Nigeria which had been in operation for over a century in Nigeria.
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