In 1918, our company started operations in Nigeria represented by Barclays Bank DCO and on February 28, 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 insurance as well, thereby becoming Britain’s first composite insurer. The establishment of the branch in Nigeria was the result of an overseas expansion drive in the early 20th century. Some notable figures in the local insurance Industry have headed our company, which was, for over twenty years the only insurance company operating in Nigeria. Thus, our company can be said to be the beginning of insurance in Nigeria and today, has one of the largest branch networks in its sector with 16 branches and four (4) business directorates nationwide.
Pursuant to Section 396(2) of the then Companies Act of 1968, our 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.
In June 2007, our company entered into a merger with African Prudential Insurance Company Limited and Phoenix of Nigeria Assurance Company Plc. The merger brought about a significantly stronger company, better positioned to serve the needs of its clientele in the financial services sector.
In June 2008, our company was re-organized into a group structure, whereby our company assumed the role of a holding and asset management company to execute its strategic vision for financial services, namely insurance, funds management, finance and banking, through its five wholly owned subsidiaries namely:
Royal Exchange General Insurance Company Limited, established to carry on the Non-Life Insurance Business of the Group
Royal Prudential Life Insurance Plc, established to carry on the life assurance business of the Group
Royal Exchange Finance Company, established and licensed to provide a wide range of professional services in the areas of finance and financial advisory
Royal Exchange Healthcare Limited, established to provide health management services and healthcare insurance
Royal Exchange Microfinance Bank Limited, established and licensed to carry on the business of assisting all enterprises engaged in small scale industries, micro economic activities and co-operative related endeavours
All subsidiaries are properly licensed by their respective regulators and structured to fully exploit the significant opportunities that are available in the Nigerian economy.
The Royal Exchange brand is a significant brand in Nigeria, especially in the field of insurance. The company will ensure its continued relevance in the environment in which it has chosen to operate by continuously reinventing its products and services.