Royal Exchange General Insurance Company

What Royal Exchange General Insurance Company does

Rex Insurance Limited, trading as Royal Exchange General Insurance Company (REGIC), is a Nigerian non-life insurance company headquartered at 26E Abdulrahman Okene Street, Victoria Island, Lagos. The company underwrites a comprehensive multi-line general insurance portfolio spanning motor, fire, general accident, engineering, marine, industrial all risks, energy (oil & gas), agriculture, bonds, and aviation, organized across three segments: personal insurance (retail motor, fire, and general accident), corporate insurance (commercial versions of all major lines), and a specialty Climate & Agric insurance line. The business serves both individual consumers and corporate clients across Nigeria, with named case-study customers such as Olisa Rice Farm (agricultural SMB) and Innova Limited (enterprise).

The company's operating model is digital-first direct-to-consumer, anchored by an online e-portal (eportal.rexinsure.com) that enables self-service quote generation and claims submission through a four-step workflow: contact, submit forms, receive settlement offer, and finalize. Phone, email, and chatbot channels provide round-the-clock human-assisted support alongside the digital portal, and marketing is run primarily through organic social (Facebook, X, Instagram) and the company website. Revenue is generated via recurring insurance premiums across multiple lines, with pricing structured on a quote-based, pay-as-you-go basis determined by individual risk assessment rather than publicly disclosed tiers.

In October 2021, AfricInvest acquired a minority stake through its private equity fund FIVE, marking AfricInvest's first Nigerian insurance investment and triggering NAICOM-approved board restructuring alongside stated plans to support REGIC's expansion. The company maintains 251-500 employees, operates exclusively within Nigeria, and is privately held with no public ticker.

Name

Royal Exchange General Insurance Company

Legal name

Rex Insurance Limited

Website

https://royalexchangeinsurance.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

251–500 employees

Short description

Rex Insurance Limited is a Nigerian non-life insurer offering motor, fire, marine, engineering, energy, agriculture, aviation, and bond coverage to individual consumers and corporate clients via a digital-first e-portal and traditional channels.

Ownership category

akta.pro rank

Product category

General (Non-Life) Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Other Direct Insurance (except Life, Health, and Medical) Carriers (524128)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Fleet & Commercial Auto Liability (FSAJABAA)

akta.pro secondary industries

Personal Auto Insurance (FSAJAMAA), Product Liability & Recall (FSAJAGAG), Product Liability (FSAJADAC)

Keywords

• General insurance
• Non-life insurance
• Motor insurance
• Marine insurance
• Property insurance

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Insurance Premiums: Collection of insurance premiums from policyholders across multiple insurance product lines including motor, fire, marine, engineering, and agricultural insurance. Premiums collected upfront with claims paid out as events occur.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Royal Exchange General Insurance Company (trading as Rex Insurance Limited) underwrites and distributes short-term non-life insurance products for individual and corporate policyholders across Nigeria. Its portfolio covers motor, fire, general accident, engineering, marine, industrial all risks, energy (oil and gas), agriculture, bond, and aviation classes, sold via a digital e-portal with quote-based pricing and claims handled through a simplified four-step process.

Product overview

Rex Insurance Limited (formerly Royal Exchange General Insurance Company) operates as a non-life insurer offering a comprehensive portfolio of insurance products across personal, corporate, and specialty segments. The product suite includes core coverage lines: Motor, Fire, General Accident, Engineering, Marine, Industrial All Risks, Energy (Oil and Gas), Agriculture, Bond, and Aviation insurance. These are organized into Personal Insurance (retail motor, fire, and general accident for individuals), Corporate Insurance (commercial versions of all major lines for business clients), and Climate & Agric Insurance (specialized agricultural and climate risk products). The company serves customers through digital portals for claims reporting and quote requests, with over 100 years of market presence in Nigeria.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance Vehicle insurance covering comprehensive, third-party, or combined motor coverage for personal and corporate policyholders.
• Fire Insurance Property insurance covering fire damage and related risks for residential and commercial properties.
• General Accident Insurance Broad coverage for general accidents including liability protection for individuals and businesses.
• Engineering Insurance Coverage for engineering projects, equipment breakdowns, and construction-related risks.
• Marine Insurance Marine cargo and hull insurance covering goods and vessels across international shipping routes.
• Industrial All Risks Insurance Comprehensive coverage combining multiple industrial risks under a single policy.
• Energy Insurance (Oil and Gas) Specialized insurance for oil and gas operations covering upstream, midstream, and downstream risks.
• Agriculture Insurance Crop and livestock insurance protecting farmers against weather-related losses and other agricultural risks.
• Bond Insurance Surety bonds and financial guarantee products for corporate clients and contractors.
• Aviation Insurance Coverage for aircraft hull, liability, and aviation-specific risks for corporate aviation clients.
• Personal Insurance product line Retail insurance products including motor, fire, and general accident coverage designed for individual consumers.
• Corporate Insurance product line Commercial insurance solutions for businesses including agric, aviation, bond, engineering, fire, marine, motor, and energy coverage.
• Climate & Agric Insurance Specialized climate risk and agricultural insurance products protecting against weather extremes and seasonal variations.

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• AXA Mansard Insurance: Nigeria-based multi-line non-life insurer offering motor, fire, marine, and engineering coverage with a strong corporate book. Directly comparable to REGIC in scale, product set, and target market within the Nigerian general insurance industry.
• Leadway Assurance Company: One of Nigeria's largest general insurers, offering motor, fire, marine, oil & energy, and engineering policies. Operates in the same Nigerian market with comparable corporate and personal insurance products.
• AIICO Insurance Plc: Nigerian insurance carrier offering general business lines including motor, fire, marine, and engineering alongside life products. Comparable to REGIC as a domestic multi-line player.
• Custodian Insurance Plc: Nigerian general insurer providing commercial and personal lines including motor, fire, marine, and oil & gas. A direct competitor to REGIC in the corporate and retail segments.

Broad incumbents

• Allianz Nigeria (formerly Ensure Insurance): Local arm of global insurer Allianz, offering general insurance products including motor and fire in Nigeria. Comparable as a multi-line competitor but with significantly larger international backing and reinsurance capacity.
• Sanlam General Insurance Nigeria: Nigerian subsidiary of Sanlam Group offering general insurance products. Comparable in product offering but with access to broader African and global insurance capabilities.
• Old Mutual Nigeria (Old Mutual General Insurance): Local arm of Old Mutual Group providing general insurance in Nigeria. Comparable multi-line offering and target market, with stronger international balance sheet.

Others

• African Reinsurance Corporation (Africa Re): Pan-African reinsurer headquartered in Nigeria, providing reinsurance capacity to African primary insurers including REGIC's peers. Relevant because REGIC depends on reinsurance partners to underwrite large specialty lines like aviation and oil & gas.
• NAICOM (National Insurance Commission): Nigeria's insurance sector regulator that approved AfricInvest's stake in REGIC. Relevant as a key regulator relationship that governs product licensing, solvency, and rate-setting — directly impacting REGIC's operating environment.

Regional players

• Britam Holding (Kenya): East African multi-line insurer with comparable general insurance products and a similar PE-influenced modernization story. A relevant regional comparable for understanding valuation and digital transformation benchmarks, though operating in Kenya rather than Nigeria.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/rexinsure
• Facebookfacebook.com/rexinsure
• Instagraminstagram.co/rexinsure

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Royal Exchange General Insurance Company