IIF investment reaches N3.6b stake in Royal Exchange
Royal Exchange General Insurance Company (REGIC) has revealed that the 39.25 per cent acquisition by the InsuResilience Investment Fund (IIF) in the company, represents a N3.6 billion capital injection.
This development was mentioned at a briefing in Lagos, where the Managing Director of REGIC, Benjamin Agili, said that with the investment, the company would be able to achieve its key objective of reaching out to over one million farmers within the next five years.
It would be recalled that Royal Exchange Plc announced the 39.25 per cent acquisition in REGIC by IIF, established by the German Development Bank (KfW) and managed by Swiss-based Impact Investment Manager, Blue Orchard Finance Investment Limited.
The company said that the acquisition is in line with the National Insurance Commission’s (NAICOM) directive for insurance companies to increase their share capital in line with the new regulatory requirements recently introduced.
“With this investment, REGIC will be offering the best-of-breed agric-insurance services to enable them increase their productivity, make Nigeria more self-reliant in food production, which impacts the economy with growth of our GDP and the agro-allied economy.
“Other strategic impacts this investment will bring to the company will be in the areas of Information Technology, market expansion, as well as helping the company meet its financial inclusion targets by enabling REGIC develop new products, as well as create alternative channels of distribution to reach our various clientele, especially those who are financially excluded as a result of accessibility, availability and knowledge of insurance and how insurance can improve their well-being,” he said.
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