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Our History

In 1918, Royal Exchange commenced operations in Nigeria represented by Barclays Bank DCO and in 1921 converted to a full branch of its then parent company, Royal Exchange Assurance, London.

Royal  Exchange  Assurance, London  was  originally  founded  in  1720  and  was  one  of the  first  two  insurance  companies  in  Britain  to  receive  legal  status  via  Royal Charter. Originally established  for  marine  business, it  expanded  within  a  year  to  include fire and life assurance, thereby becoming Britain's first composite insurer. The  establishment  of  its  branch  in  Nigeria  was  the  result  of  an  overseas  expansion  drive  in  the early  20th century.

Pursuant  to  Section  396(2)  of  the  then  Companies  Act  of  1968,  Royal  Exchange  was  in  December   1969,   reconstituted  and  incorporated  as  a  Private  Limited  Liability Company. The  company  went  public  on  18  July  1989,  and  was  duly  listed  on  the Nigerian  Stock  Exchange  on  3  December  1990.

In   2007, Royal  Exchange  entered   into  a  merger  with  African  Prudential  Insurance Company  Limited and Phoenix  of  Nigeria Assurance  Company  Plc. The  merger  brought about  a  significantly  stronger  Royal  Exchange, better  positioned  to serve the needs of its clientele in the financial services sector.

Royal  Exchange, previously registered  in  compliance  with  the provisions  of  the  Insurance Act  2003, as  a  composite  insurer  of  life, general  and  special  risks, substantially  re-organized  itself  into  a  group holding  company  in  2007 , to  properly  position  itself as a broad  based, financial services  provider.

Consequently, the general and special risks insurance business was demerged into a wholly owned subsidiary, Royal Exchange General Insurance Company Limited, whilst the life assurance business was transferred to another wholly owned subsidiary, Royal  Exchange Prudential  Life Plc. Two additional, wholly owned subsidiaries, Royal Exchange Finance & Investment Limited and Royal Exchange Healthcare Limited were also established as part of the overall diversification strategy. More recently, Royal Exchange Asset Management was established to offer a broad range of asset and wealth management services to both our individual and corporate clients.

The Royal Exchange brand is one that we are justifiably proud of and we will ensure our relevance in the environment in which we operate by continuously focusing on customer service and product enhancement, our technology platforms and our human capital.

We are tried and tested.  We build enduring relationships. We are …

ROYAL EXCHANGE PLC