Royal Exchange Pays N335 Million as claims settlement to SHONGAI PACKAGING LIMITED

Royal Exchange Plc, Nigeria’s pioneer insurance company, has paid out another whopping sum of N335 million as claims settlement to Shongai Packaging Limited, an Otta based manufacturing company.

According to a statement issued by the Corporate Affairs Department of Royal Exchange Plc, the payment is in respect of a fire incident that ravaged the warehouses of Shongai Packaging Limited in December, 2009, destroying a substantial part of the company’s inventory and temporarily shutting down their operations.

Quoting the Managing Director, Royal Exchange General Insurance Company (REGIC), Mr. Olutayo Richard Borokini, the statement noted that the N335 million claims settlement was coming at the heels of the N4.1billion paid to the Nigerian Bottling Company (NBC) as material damage and consequential loss following an inferno at the Benin bottling plant of NBC in December 2008.

Mr. Borokini said, “We consider this event significant not just because of the amount of money being paid out as claims settlement nor the stature of the companies involved in this transaction but because it marks a significant milestone in the history of Royal Exchange and Shongai Packaging, which dates back several decades.”

“Our relationship with our customers is always cast on a tripod of partnership, trust, and integrity. These are core values that have been the guiding principles of Royal Exchange Plc for the past 90 years. ”, Mr Borokini stated.

Speaking further on the import of the huge sums totaling over N4.5billion paid out in the last one year by Royal Exchange, besides the hundreds and thousands of other claims, the Managing Director of REGIC said “It is a testament to our enduring capacity to shoulder any form of risk and evidence of our financial depth derived from prudent and conservative accounting system, a highly motivated workforce as well as a professionally structured organisation”.

While thanking the management of Shongai Packaging for the confidence reposed in Royal Exchange Plc and for their cooperation throughout the period of loss determination and adjustment, Mr. Borokini reassured all customers that Royal Exchange will continue to consolidate and strengthen all facets of its operations in order to deliver first class services that are beyond expectation.

Royal Exchange Plc, Nigeria’s pioneer insurance company has lately undergone far-reaching structural changes leading to the emergence of a holding company and five operating subsidiaries, namely: 

  • Royal Exchange General Insurance Company Limited (Non-Life Insurance Services)
  • Royal Exchange Prudential Life Plc (Life Assurance Services)
  • Royal Exchange Finance and Investments Limited (Financial Advisory Services)
  • Royal Exchange Healthcare Limited (HMO and Health Insurance)
  • Royal Exchange Microfinance Bank Limited (Banking Services)
For more information, please contact:
Corporate Affairs Department
Royal Exchange Plc

34/36 Oshodi-Apapa Expressway
Oshodi, Lagos
Phone: 01 7939432
Email: Austin.Agbareh@royalexchangeplc.com or
Wilson.Okoh-Esene@royalexchangeplc.com
Web:     www.royalexchangeplc.com