Nigeria Re

What Nigeria Re does

Nigeria Reinsurance Corporation (Nigeria Re) is Nigeria's premier indigenous reinsurance company, established by the Nigeria Reinsurance Corporation Act No. 49 of 1977 and operational since January 1978. The company provides both treaty and facultative reinsurance capacity to primary insurance companies across two broad business pillars: Life Reinsurance (individual plans such as Educational Endowment, Mortgage Protection, and Keyman Assurance, plus group life business) and Non-Life Reinsurance (property, casualty, oil & gas, marine, aviation, contractor all risk/engineering, and bond). It complements its underwriting capacity with technical training, claims management, and risk management advisory services. As one of only two reinsurers operating in Nigeria, Nigeria Re holds a structurally protected position in the domestic market and extends its reach to accept inward reinsurance business from Africa, the Middle East, and Asia.

Nigeria Re operates a direct, relationship-driven B2B distribution model, selling reinsurance capacity to primary insurers and reinsurance counterparties through its sales and account management teams, customer fora, and marketing tours. Pricing is negotiated on a per-contract basis reflecting risk profile, cedant characteristics, and treaty terms rather than standardized published rates. The company is headquartered in Abuja with a regional office in Lagos, and operates with a 51-100 employee base across underwriting, technical accounts, claims, and risk management functions. It holds a GCR credit rating of BBB+(NG) with stable outlook, supported by a N19.6bn capital base at FY17, and maintains an AML/CFT compliance program aligned with Nigerian regulatory expectations.

Ownership is split between the Federal Government of Nigeria (49%) and a private core investor following the 2002 privatization that transferred 51% to the Reinsurance Acquisition Group (later taken over by Jimoh Ibrahim). The company pursues a 2014-2024 strategic roadmap aimed at becoming a profitable global reinsurance player, with 60% premium growth in FY17 signaling early execution progress, though market share remained modest at 4.7% and underwriting margin was negative at -30.2% in FY17, indicating that scale and profitability targets remain works in progress.

Name

Nigeria Re

Legal name

Nigeria Reinsurance Corporation

Website

https://nigeriare.com.ng

Company type

Private

Founded year

1977

Operating status

Operating

Headcount range

51–100 employees

Short description

Nigeria Reinsurance Corporation is Nigeria's premier indigenous reinsurer, providing treaty and facultative reinsurance capacity across life and non-life lines to primary insurers in Nigeria, Africa, the Middle East, and Asia.

Ownership category

akta.pro rank

Product category

Reinsurance

NAICS

Reinsurance Carriers (524130), Reinsurance Carriers (52413)

SIC

Fire, Marine & Casualty Insurance (6331), Life Insurance (6311)

akta.pro primary industry

Commercial Lines P&C Reinsurance (FSAOABAB)

akta.pro secondary industries

Life Treaty Reinsurance (FSAOAEAA), Property Treaty Reinsurance (FSAOAEAC), Construction / Engineering (CAR/EAR) Reinsurance (FSAOADAG), Credit & Surety Treaty Reinsurance (FSAOAEAI), Casualty Treaty Reinsurance (FSAOAEAD)

Keywords

• Reinsurance services
• Treaty reinsurance
• Facultative reinsurance
• Life reinsurance
• Non-life reinsurance

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D

Revenue model

1. Reinsurance Premiums: Nigeria Re generates revenue by accepting reinsurance business (both proportional treaty and facultative arrangements) from primary insurance companies. The company writes both short-term (non-life) and long-term (life) reinsurance business, covering lines such as property, casualty, oil & gas, marine, aviation, engineering, bond, and life insurance. Premium income is the primary revenue driver, supplemented by investment income from its asset portfolio.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Nigeria Reinsurance Corporation provides treaty and facultative reinsurance capacity to primary insurers and accepts inward reinsurance from international counterparties. It writes both life (individual and group plans including endowment, mortgage protection, keyman assurance, and group term) and non-life (property, casualty, oil & gas, marine, aviation, engineering, CAR and bond) business, complemented by underwriting, claims management, risk advisory and technical training services.

Product overview

Nigeria Reinsurance Corporation is Nigeria's premier indigenous reinsurance company offering a comprehensive portfolio of life and non-life reinsurance products and services. The core offerings include Life Reinsurance (individual and group plans), Property Insurance, Oil & Gas Insurance, CAR & Engineering Insurance, Marine Insurance, Casualty Insurance, and Aviation Insurance. These are complemented by service offerings including underwriting, technical training, claims management, and risk management. The company operates across Africa, Middle East, and Asia, providing both treaty and facultative reinsurance capacity.

Differentiator

Problem solved

Functional benefit

Products and services

• Life Reinsurance Reinsurance coverage for life insurance risks, including individual life plans (Educational Endowment, Endowment Policies, Investment Linked Policies, Pure Endowment, Short Term Policies, Mortgage Protection, Keyman Assurance) and group life business (Group Term, Group Endowment, Joint Life Policies), offered to life insurance companies.
• Property Reinsurance Reinsurance coverage for property risks, part of the non-life business portfolio, offered to primary insurance companies.
• Oil & Gas Reinsurance Specialized reinsurance coverage for oil and gas sector risks, offered to primary insurers writing upstream, midstream and downstream energy business.
• CAR & Engineering Reinsurance Reinsurance coverage for construction and engineering projects, including Contractor All Risk (CAR) policies, offered to primary insurers underwriting infrastructure and engineering risks.
• Marine Reinsurance Marine reinsurance coverage for cargo, hull and liability risks, offered to primary insurers writing marine business.
• Casualty Reinsurance Casualty reinsurance coverage for general liability risks, offered to primary insurers writing liability business.
• Aviation Reinsurance Reinsurance coverage for aviation risks, including aircraft hull and liability, offered to primary insurers writing aviation business.
• Underwriting Services Risk assessment and underwriting advisory services providing tailored insights to support cedants' underwriting decisions, delivered as part of reinsurance engagements.
• Claims Management Processing and prompt payment of valid, well-documented claims arising under reinsurance contracts, supporting cedants' claims handling.
• Risk Management Risk management advisory services involving forecasting, evaluating and prioritizing risks through economical and coordinated approaches to minimize impact and control probability of occurrence, provided to cedants.
• Technical Training Programs Technical training programs designed to equip cedants and insurance clients with the skills needed to meet challenges in the reinsurance and insurance business environment, drawing on the company's decades of underwriting experience.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Swiss Re: Global reinsurer offering life and non-life reinsurance worldwide with established African and Middle East presence. A broad incumbent providing capacity, technical expertise, and capital that Nigeria Re's medium-term strategy must differentiate against.
• Hannover Re: One of the world's largest reinsurers with global treaty and facultative offerings across life, P&C, and specialty lines. Comparable as a broad incumbent that Nigeria Re competes with when international cedants seek diversification of retrocession panels.
• Munich Re: World's largest reinsurer offering treaty and facultative solutions across all major lines globally, including dedicated African operations through Munich Re of Africa. A broad incumbent setting benchmark pricing and terms that Nigeria Re competes against for cedant mandates.
• Scor SE: Global reinsurer with significant life and P&C treaty operations across emerging markets including Africa. A broad incumbent whose African and Middle Eastern cedant relationships overlap with Nigeria Re's market expansion targets.

Direct peers

• African Reinsurance Corporation (Africa Re): Pan-African reinsurer headquartered in Lagos with member states across Africa. Africa Re is the most direct competitor to Nigeria Re, writing treaty and facultative reinsurance across life and non-life lines for primary insurers across the continent, including Nigeria.
• Continental Reinsurance Plc: The other licensed reinsurer headquartered in Nigeria, Continental Re provides treaty and facultative reinsurance across Africa and emerging markets. It competes head-to-head with Nigeria Re for Nigerian and West African cedant business, making it the most comparable peer.
• Kenya Reinsurance Corporation: East African regional reinsurer offering treaty and facultative solutions across life and non-life lines in EAC and COMESA markets. Comparable as a state-affiliated African reinsurer competing for similar cedants, though operating in a different regional geography.
• WAICA Reinsurance Plc: West African reinsurer owned by insurance companies in the ECOWAS region. WAICA Re offers proportional and non-proportional reinsurance to member states, overlapping with Nigeria Re across West African cedants and treaty structures.

Regional players

• ZEP-RE (PTA Reinsurance Company): Multinational reinsurer serving the COMESA region with treaty and facultative capacity across life and non-life lines. Comparable in mission and structure to Nigeria Re as a regional African reinsurer with multi-country backing.
• Société Centrale de Réassurance (SCR): Moroccan state-owned reinsurer providing treaty and facultative capacity across North, West, and Central Africa. SCR is a regional incumbent that Nigeria Re would compete with when soliciting cedants in French-speaking Africa and Morocco.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nigeriare
• Facebookfacebook.com/NigeriaReCorp
• LinkedInlinkedin.com/company/nigeria-re

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

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 Nigeria Re