An underwriting firm, Rex Insurance Limited has met the new minimum capital requirement prescribed by the National Insurance Commission (NAICOM) under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, strengthening its financial position as the industry enters a new phase of growth.

The insurer’s confirmation among companies that have complied with the new capital requirement, as published by NAICOM, marks a major milestone in the company’s recapitalisation journey and provides a stronger platform for expanding its underwriting capacity and improving service delivery to policyholders.

The development comes as the Nigerian insurance industry concludes a major capital restructuring exercise aimed at strengthening the financial capacity of operators, improving their ability to absorb risks and enhancing confidence in the sector

For Rex Insurance, the successful compliance is expected to enable the company to focus beyond capital adequacy on profitable growth, operational efficiency, technology investment and improved customer experience.

Managing Director/Chief Executive Officer of Rex Insurance, Mrs. Ebelechukwu Nwachukwu, said meeting the new capital threshold demonstrated the resilience of the business and the confidence of its shareholders in its long-term strategy.

“Meeting the new Minimum Capital Requirement is a significant milestone in our journey and demonstrates the resilience of our business as well as the confidence of our shareholders in our long-term vision,” she said.

Nwachukwu added that the stronger capital position would enhance the company’s capacity to meet its obligations to policyholders while positioning it for sustainable growth in an increasingly competitive insurance market.

“Our recapitalisation marks the beginning of an exciting new chapter for Rex Insurance. It is not an end, but a strategic foundation for sustainable growth and long-term value creation,” she said.

According to her, the strengthened balance sheet would allow the insurer to increase underwriting capacity and deepen investments in technology, innovation and operational excellence.

She said: “With a stronger capital base, we are well equipped to increase our underwriting capacity, elevate customer experience, and deepen our investment in technology, innovation, and operational excellence.”

The CEO further assured policyholders that claims settlement would remain central to the company’s strategy, noting that the additional financial capacity would support the delivery of insurance solutions that respond more effectively to customers’ changing needs.

She said the company remained committed to prompt claims settlement while seeking to create greater value for shareholders and other stakeholders.

The successful recapitalisation is particularly significant for general insurers as the sector adjusts to a more demanding regulatory and competitive environment.

Industry analysts have noted that the impact of the exercise will ultimately be measured not only by operators’ ability to meet the new capital thresholds, but also by how effectively they deploy the additional capital to expand risk-taking capacity, improve claims-paying ability, invest in technology and generate sustainable returns.

For policyholders, stronger capitalisation could translate into greater confidence in insurers’ ability to honour claims, particularly for large and technically demanding risks that require substantial balance-sheet capacity.

Rex Insurance commended NAICOM for its role in strengthening the industry through the recapitalisation exercise, saying it remained committed to initiatives aimed at building a more resilient, competitive and inclusive insurance market.

The company also expressed appreciation to its shareholders, board of directors, employees, customers, brokers and business partners for their support during the recapitalisation process.

With the capital requirement now met, the insurer said its focus would shift towards sustaining capital strength through disciplined execution, profitable growth, continuous innovation and improved customer experience.

Rex Insurance, which is licensed by NAICOM to underwrite general and special risks, has operated in the Nigerian market for decades and maintains 12 business locations across the country.

The company said its five-year strategic direction is focused on achieving growth and profitability, increasing gross premium written and positioning the business among Nigeria’s top-tier general insurance companies.

Its strategy is anchored on resilience, efficiency, excellence, integrity and teamwork, which it describes as its REXIT values.

The company said the new capital position would provide the foundation for delivering reliable insurance solutions, strengthening its relationship with policyholders and creating sustainable value for stakeholders as Nigeria’s insurance industry enters the post-recapitalisation era.