BY NKECHI NAECHE-ESEZOBOR– Despite the negative impact of covid-19 pandemic, Royal Exchange General Insurance Company Limited, (REGIC), on Tuesday said by all parameters they are ahead of their target for half year (H1) 2020.
The Managing Director/Chief Executive, Mr. Benjamin Agili disclosed this to BusinessToday Online on the sideline of the company’s 12th annual general meeting (AGM) held in Lagos that the company’s target and expectations are still high and that they are very optimistic that they will do better to meet this year’s target.
On recapitalization exercise the REGIC Boss said they are optimistic they will conclude the exercise by third quarter (Q3) of 2020 and that they are in the final stage of the process.
It would be recalled that REGIC company last year announced acquisition of 39.25 percent in REGIC by the InsuResilience Investment Fund (IIF), established by the German Development Bank (KfW) and managed by by Swiss based Impact Investment Manager, BlueOrchard Finance Investment Limited (“BlueOrchard”).
The acquisition, which results in a N3.6billion capital injection into REGIC 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 introduced made the company to be among the first company to prove its readiness to recapitalise.
