Germany acquires 39.25% equity stake in Royal Exchange

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

15 Wool Braid Hairstyles You Should Try

Wool braid hairstyles have been popular for years and show no signs of slowing down. Wool braids allow you...
Germany acquires 39.25% equity stake in Royal ExchangeGermany acquires 39.25% equity stake in Royal Exchange

Luxembourg-based InsuResilience Investment Fund has agreed to acquire a 39.25% stake in Royal Exchange General Insurance Company, one of the largest non-life insurance companies in Nigeria.

The InsuResilience Investment Fund has been set up by KfW, the German Development Bank, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), and is managed by Swiss-based Impact Investment Manager BlueOrchard Finance.

Royal Exchange General Insurance Company, subsidiary of Royal Exchange Plc, is a leading player in agriculture insurance.

Through its activities, the company is expected to reach out to more than 1 million farmers by 2025.

- Advertisement -

The proceeds of the investment will help Royal Exchange General Insurance Company to spur growth by increasing the company’s risk capital and supporting its underwriting capacity in agriculture, hereby extending its outreach to low-income farmers.

Investment in Royal Exchange General Insurance Company aligns with the vision and principles of the InsuResilience Global Partnership, which was launched at the 2017 UN Climate Conference COP23 in Bonn by Germany.

The vision of the Partnership is to strengthen the resilience of developing countries and to protect the lives and livelihoods of poor and vulnerable people against the impacts of natural disasters. The Partnership’s objective is to enable more timely and reliable post-disaster response through the use of climate and disaster risk finance and insurance solutions to reduce impacts and help poor and vulnerable people recover more quickly.

Read Also:  UBA Makes N28.7bn Profit in Q1 2019

Ernesto Costa, Senior Vice-President Private Equity at BlueOrchard, said: “The history, team, and commitment of Royal Exchange General Insurance Company (REGIC) to agriculture insurance make it a great addition to our portfolio. The company is uniquely positioned to capture the opportunity presented by 30 million under-insured small-scale farmers in Nigeria. In the midst of Nigerian economy rebalancing its major economic sectors, REGIC has repositioned itself to meet the ever-changing needs of their clients to take full advantage of the opportunities that arise in the agriculture space.”

- Advertisement -

“Agriculture insurance is one of the new growth areas for the Company, and will definitely be one of the core areas of growth going forward. We are thrilled to partner with and support REGIC with capital, technical assistance and our international network in the agriculture insurance space, with the objective to increase the resilience of small-scale farmers to climate change,“ he added.

Read Also:  U.S. UNIVERSITIES OFFER $7.5 MILLION IN SCHOLARSHIPS TO NIGERIAN STUDENTS

Kenneth Ezenwani Odogwu, Chairman of Royal Exchange, said that the company has entered into strategic alliances with various stakeholders in the agricultural space to foster insurance in this sector of the economy. “Agriculture and insurance are huge opportunities. We will continue to develop products and services to strengthen our leading position in this space. Royal Exchange General Insurance is determined to take advantage of growth opportunities in the sector while leveraging technology to expand its revenue base and bottom-line.”

- Advertisement -
Germany acquires 39.25% equity stake in Royal ExchangeGermany acquires 39.25% equity stake in Royal Exchange

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Germany acquires 39.25% equity stake in Royal ExchangeGermany acquires 39.25% equity stake in Royal Exchange

Latest News

Q1’2020 GDP Growth Slows – Underlying economic weaknesses reflect in GDP performance

The Nigerian economy grew by 1.87% on a year-on-year (YoY) basis in Q1’20. The GDP performance represented a 23...

These Are The 6 Major Areas Of Consumption Affected By COVID-19

As many markets across the globe begin to ease living restrictions and many consumers start to take tentative steps outside their homes, the world...

NSE Set to Host Sustainable Capital Markets Forum to Promote Green Finance in West Africa

The Nigerian Stock Exchange in collaboration with the Milken Institute is set to host the inaugural edition of our Webinar Series on Sustainable Capital...

African Equity Market: On The Path Of Recovery

Despite the COVID-19 pandemic that has engulfed the African continent since Feb-2020 and the associated lockdown measures that were put in place by the...

Delivering On The Y’ello Hope Promise: MTN Foundation Contributes Over 70,000 Items Of Personal Protective Equipment (PPEs) To NCDC

Following MTN’s commitment of N500 million to support the acquisition of critical medical supplies for healthcare professionals on the frontlines, the MTN Foundation has...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Germany acquires 39.25% equity stake in Royal ExchangeGermany acquires 39.25% equity stake in Royal Exchange