On the 28^th of February 1921, Mr. C. C. Aldridge, reported his arrival in Lagos to the General Manager of the Royal Exchange Assurance in London. The Anniversary of that date is celebrated by Royal Exchange Assurance (Nigeria) Ltd as its Anniversary date; the copy of the letter is still preserved in the Company records. Mr. Aldridge was the first full time insurance official in West Africa, and his appointment as the Branch Manager of Royal Exchange Assurance in Lagos was the beginning of the insurance industry, as it is now known in West Africa.     

The decision to open a branch in Lagos resulted from the earlier visit, to the Company’s Agents in West Africa, by a Mr. C. L. Cockell. His report to the Board of Directors reflected the economic depression then prevailing, since there had been a slow recovery from the difficulties caused by the Great War, and a general lack of demand for export products. There were only some fifty firms operating in Lagos, and the Harbour works at Apapa had not yet been built. Nevertheless the report suggested that there were some grounds for optimism, and the decision was made to open the branch.

The first office was at 55, Marina, but shortly after opening the need for more office space was met by a move to Marble Hall at 50, Broad Street. Marble Hall was for many years a Lagos Landmark, indeed until the 1970s. The Royal Exchange occupied those premises until 1938 when they moved to their present address, though in very different premises to those now occupied.

Growth in the early years was very slow but it must be recalled that in 1921 there were less than three hundred motor cars registered in Lagos, and although there was a good deal of river, estuarine, and coastwise shipping and transport there were only some seventeen miles of paved road. The Railway also, at that time consisted only of a narrow gauge line from Lagos to Kano, with a connection thence to Jos; there was another line from Port Harcourt to the coal fields at Udi.

The limited trade grew, as transport and consequently trading centres and markets opened up. The rise in trade figures throughout the twenties and thirties are reflected in the increase in activity of the branch. In the early thirties a subsidiary office was opened in Accra.

The first manager was succeeded in 1929, after eight years service by W. Golding who was manager for 21 years until 1950 when he died suddenly. Certainly Mr. Golding formed many traditions of the company, particularly that of service to the community. He served on the Lagos City Council and during the years of the 2^nd World War maintained the office despite considerable difficulties. He was succeeded by Mr. Spencer, previously in Accra, who became Manager for West Africa, based in Lagos.

The post war years were a time of great expansion for legislation had been introduced for Workmen Compensation, and Motor Vehicle Insurance. These classes of business introduced many customers to the need for and benefits of insurance. In addition, the early days of indistrialisation and manufacture had created greater insurance requirements. It was at this time, that these relatively large volumes of business attracted other insurance companies to Nigeria and encourage the formation of local insurance offices.

In 1957, Mr. Spencer was succeeded by Mr. E. C. McNestry, previously Manager for Nigeria. The expansion of business continued and was reflected in the opening of Branch Offices in Kano, Kaduna, Ibadan, Aba and Onitsha. Outside Nigeria branches subsidiary to the main office in Lagos were opened in Sierra Leone, the Western Cameroons and Liberia as well as in Bathurst in the Gambia. The branches in Sierra Leone and Cameroun have now incorporated locally, as had happened earlier to the branch in Ghana.

The office in Nigeria was incorporated as the present company in 1969, with the Madaki of Kano, Alhaji Shehu Ahmed, as the first Chairman of the Board of Directors, and who gave most distinguished service to the Company and continues to do so, as a Director.

In the 1970s with increasing business growth, owing to the great strides being taken by the economy of the country in manufacture, improved road facilities, and the recovery from the misfortunes of the late 1960s, it was felt that the Company should make dispositions to reach wider sections of the country. Accordingly after the promulgation of the “plan”; further offices were opened successfully in Warri, Benin, Enugu, Ilorin, Port Harcourt, Maiduguri, Sokoto, Akure and Jos. Offices in order cities were tried but proved, unhappily, to be unprofitable. Earlier a separate branch had been opened in Apapa and in 1980, a further branch was opened in Lagos State at Ikeja.