Omotayo Olaoye

Royal Exchange General Insurance Company

Royal Exchange Assurance, London, (REA), was established in Lagos on February 28, 1921. REA was founded in 1720 and was one of the first two insurance companies to receive legal status by Royal Charter. Originally established for marine business, REA expanded within a year to include fire and life insurance as well, thereby becoming Britain's first composite insurer. The establishment of the branch in Nigeria was the result of the expansion drive of REA in the early 20th century. Pursuant to Section 396(2) of the then Companies Act of 1968 the Company was, on December 29, 1969, reconstituted and incorporated as a Private Limited Liability Company, the Royal Exchange Assurance (Nigeria) Limited. The Company went public on July 18, 1989 and was duly listed on the Nigerian Stock Exchange on December 3, 1990. The Company elected to split its operations into Life and General Businesses during the 2007 recapitalization exercise. Upon this decision Royal Exchange General Insurance Company Limited (REGIC) was adopted as the name to underwrite general business. Royal Exchange General Insurance Company has one of the largest branch networks in its sector with 16 branches nationwide and 4 Business Directorates. The Company enjoys long dated relationship with local and international reinsurers. The Company is one of the few Insurance Companies in Nigeria that has secured an Oil and Gas treaty to enable it position itself for active participation in the emerging domestication of Oil and Gas risks underwriting due to the Local Content Policy of the Federal Government of Nigeria. Royal Exchange General Insurance Company has an Authorized Share Capital of N5.367B made up of 5.367B ordinary shares of N1 each and an Issued and Paid–up capital of N5.367B. As at December 31, 2018, the Shareholders' Funds stands at N8.85B with Total Assets of N23.31B.