Royal Exchange Commences Operations in Victoria Island

30th June, 2011

Royal Exchange General Insurance Company, Nigeria’s leading and foremost insurance company has commenced business operations from its new branch in Victoria Island, Lagos, as part of its branch network expansion programme.

The new branch, which is located at Phoenix House, 26E AbdulRahman Okene Close, off Ligli Ayorinde Street, Victoria Island, is expected to service the business community in the Victoria Island/Ikoyi/Lekki business corridor, as the company plans to expand its operations to cover the entire Lagos area.

Speaking to journalists on the new branch, the Group Managing Director, Royal Exchange Plc, Mr. Chike Mokwunye, said that “Royal Exchange has taken note of the low insurance penetration in Nigeria and is embarking on a deliberate policy of developing and deploying an extensive branch network, replete with the requisite skilled manpower, throughout Nigeria, to be able to reach out to the masses and elicit their interest in insurance”. He disclosed that the Benin Office is now open for business, while Yola, Sokoto and Enugu branches will become operational later in the year.

“Royal Exchange, will in the next couple of months, unveil more branches in Nigeria, while also developing various market penetration strategies that will result in the growth of the company’s revenue and ensure that Royal Exchange remains a market leader in the insurance industry in Nigeria”, Mr. Mokwunye added.

Commenting on the new branch, the Managing Director of Royal Exchange General Insurance Company, Mr. Olutayo Borokini said “The opening of the Victoria Island office is in line with the company’s objective to provide a conducive environment for the conduct of the company’s business, since Royal Exchange places a high premium on the condition of the operating environment of its staff and customers”.

Explaining further, Mr. Borokini said “Our desire is to deliver value-added service to the discerning Victoria Island-Lekki-Ajah conurbation which in substance, represents the emerging Free Trade Zone in Lagos”.

It would be recalled that Royal Exchange General Insurance paid the highest single insurance claim settlement in the history of insurance in Nigeria with the payment of N3.8billion to Nigerian Bottling Company in 2009, for the fire damage and consequential losses resulting from a fire incident at its Benin bottling plant in December, 2008.

Royal Exchange Plc started operations in 1921 and continues to be driven by innovation and a determination to offer services that are of exceptional value to its customers. Following the recapitalization exercise in 2007, the company was reorganised into a group structure comprising Royal Exchange Plc as the holding company and five strategic 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: or