Royal Exchange Assurance (Nigeria) Plc is a legacy company having the enviable position of being the first insurance company to commence business in Nigeria. The company has consistently contributed to the economic development of Nigeria while also setting standards in the insurance sector since 1918.

A branch of the parent Company, Guardian Royal Exchange, London, (GRE) was established in Lagos on February 28, 1921. The Company was, on December 29, 1969, reconstituted and incorporated as a Private Limited Company, the Royal Exchange Assurance (Nigeria) Limited (Royal Exchange). The Company went public on July 18, 1989 and was duly listed on the Nigerian Stock Exchange on December 3, 1990.

Royal Exchange in compliance with the provisions of the Insurance Act 2003 is registered as an insurer of Life, General and Special Risks insurance business. However, the Company’s business extends beyond insurance of varied risks to indemnify and guarantees, trusteeship, Fund and Asset management amongst others.

Royal Exchange today has one of the largest branch networks in the sector with 25 Branches nationwide and 5 Area Offices. As at December 31, 2004 the Company received premium income (life and non-life) worth N1.89 Billion from its operators and its Total Asset Base was N4.69 Billion. Royal Exchange enjoys good global re-insurance arrangements with both foreign and local reinsurers.

The company’s authorized share capital was recently increased to N5 Billion made up of 10 Billion units of shares of 50k each. The company is capitalized beyond the compliance requirements of the Investment and Securities Act 1999 and the Insurance Act 2003 with N800 Million paid up share capital. The ownership structure of the company is 45% foreign owned and 55% Nigerian owned.

The company like all legacy companies that passionately desire to have continued relevance in the environment in which they operate evolves and reinvents itself continuously. Today, Royal Exchange, a strong and visible brand in the insurance sector, an experienced, viable and competent insurance company, is again redefining itself beyond insurance.

The company has the goal of becoming a global player with global standards and ethics. The company has set direction with its Mission Statement, embedded in its medium strategic team plan Vision 2007, to attain leadership in the financial services sector. The company, to actualize the set direction in, 2005 established REAN Finance Company Limited a wholly owned subsidiary and REAN Pension Funds Managers Limited.

The change management programme of the new Management team tagged the “Six Point Plan” seeks to attract, deploy and retain the best quality staff, establish the company as a leader in product innovation and in the provision of customer service, utilize cutting-edge business systems and processes and re-brand and reposition the company and its products in the minds of its relevant publics. A rebranding and repositioning campaign is to commence early in 2006.

There can be no doubt that the future for Royal Exchange is brilliant. The company is determined and has initiated steps to meet the challenges of the recapitalisation policy of the Federal Government of Nigeria.

Royal Exchange is a winner of several awards and this would be the third time that the company would win this prestigious award having won the award for the 1997 and 2000 financial years.