BY NKECHI NAECHE-ESEZOBOR–Royal Exchange General Insurance Company Limited (REGIC) on Thursday said is confident that it will meet with the new recapitalization requirement set by National Insurance Commission ( NAICOM) by second quarter (Q2) 2020.
The Managing Director/CEO Ben Agili disclosed this when the company hosted NCRIB Lagos Area Committee Annual Meeting at the Brokers House in Lagos.
Presenting his paper the Agili said that the company is making significant progress in securing the required capital to comply with the new NAICOM recapitalisation.
He explained that towards the end of 2019, a number of investors issued letters of investment interest.
REGIC is now facilitating a detailed due diligence exercise for the benefit of these investors.
He said in addition to achieving the required shareholders’ funds from a regulatory perspective, the increased capital will allow REGIC to increase its risk retention and grow her investment income.
On post recapitalization, the REGIC Boss said: “Our new corporate strategy now hinges on the use of digital technology to expand our operations and service delivery by disrupting the market place.
He added that innovation now plays as a critical part of our corporate DNA. We aim to evolve as an insurance company with insurtech capabilities.
“Our journey for corporate renewal and operational transformation is targeted at building an enduring insurance company of tomorrow; one which is able to disrupt itself today, innovate and build upon its current foundation to remain in business firstly and secondly contend for the spot of market leadership.
REGIC, as part of her business diversification strategy has made significant progress in championing product innovations in the following areas, amongst others: Agricultural Insurance; digital/Mobile; royal Titanium Motor vehicle insurance and entertainment Insurance.
REGIC in October 2019 concluded her first successful equity investment of USD$10 million with the InsuResilience Investment Fund (IIF) of German Development Bank (Kfw), securing N3.6 billion in exchange for a 39.25% in REGIC.
As result of this cash injection, the company balance sheet has been significantly strengthened.
