• Thursday, March 28, 2024
businessday logo

BusinessDay

Insuresilience Investment Fund completes acquisition in Royal Exchange General Insurance

Retail, penetration gets a boost as CHI secures approval to operate micro life insurance

Insuresilience Investment Fund (IIF) has completed the acquisition of 39.25 percent equity stake in Royal Exchange General Insurance Company Limited, a subsidiary of Royal Exchange Plc and one of the largest non-life insurance companies in Nigeria.

The parent company, which announced the completion of the deal in a recent notice filed on the Nigerian Stock Exchange (NSE), said the purpose of the investment was to spur growth in the company by increasing its underwriting capacity in the agriculture insurance space.

Read also: NAICOM sees geometric growth in insurance on back of low penetration

“We assure our esteemed shareholders and the investing public that the company is strategically positioned to capture the opportunity presented by over 30 million under-insured small scale farmers in Nigeria by leveraging on technology to increase the resilience of small scale farmers to climate change,” Royal Exchange Plc said.

Royal Exchange Plc reiterated its commitment to continue to develop innovative products and services to meet the insurance needs of the general public.

Insuresilience Investment Fund was set up on behalf of the German government by KFW and managed by Swiss based Impact Investment Manager, Blueorchard Finance Ltd (Blueorchard).