Insurance World

Agric Business: REGIC Achieves 20% Of it’s Targeted One Million Farmers

From left: Group Executive Director, Operations, Royal Exchange Plc, John Iwuajoku; Benjamin Agili, Managing Director, Royal Exchange General Insurance Company Limited; Group Managing Director, Royal Exchange Plc, Wale Banmore; Executive Director, Nelson Akerele and Group Head, Corporate Communications, Wilson Okoh-Esene at the event in Lagos.

BY NKECHI NAECHE-ESEZOBOR–Less than one year it commenced its Agric Insurance business, Royal Exchange General Insurance Company, (REGIC) on Thursday said it has been able to reach 20 percent of its targeted one million farmers.

Managing Director of Royal Exchange Plc, Benjamin Agili, who disclosed this at a press briefing in Lagos that the company Target to reach one million farmers in Nigeria in the next five years.

It would be recalled that last year InsuResilience Investment Fund(IFF), acquired 39.25 per cent stake worth N3.6billion in the company.

The acquisition, which results in a N3.6billion capital injection into the REGIC is in line with the National Insurance Commission (NAICOM)’s directive for insurance companies to increase their share capital in line with the new regulatory requirements recently introduced.

Speaking further, he said that the agric business is doing well and the company is doing all it can to improved it business.

Earlier, the group managing Director, Wale Banmore, while speaking on its recapitalization plan, said the company working hard to conclude the process by June 30, 2020 which was the first deadline approved for injection of fresh funds into underwriting firms.

He added that the company is working assiduously to ensure that everything about recapitalisation is settled before the deadline set by the insurance industry regulator.

He said the company is presently having discussions with two foreign and a local investor that might inject fresh funds in the General and life businesses of the group.

He said the firm is poised to play big post recapitalisation. Hence, it targeting over N20billion capital base.

According to him, one of the numerous strategic initiatives taken recently to reposition the firm’s operations is the re-launch of its corporate website: www.royalexchangeplc.com and also the creation of a five additional websites for all the subsidiaries in the group as well as a new mobile site for hand-held mobile devices.

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