Insurance Brokers of Nigeria

What Insurance Brokers of Nigeria does

Insurance Brokers of Nigeria Limited (IBN) is a Lagos-headquartered, privately held insurance broking and risk advisory firm founded in 1955 as C.T. Bowring & Company — Nigeria's first insurance broking firm. Operating with 51–100 employees across five domestic offices (Lagos HQ, Abuja, Kaduna, Port-Harcourt, Warri), IBN arranges insurance policies on behalf of corporate clients and earns commissions from the placing insurers; services are described as free-of-charge to clients, with the option to negotiate fees for specialized work. The firm is a member of UNIBA Partners, granting it access to a broker network spanning 100+ countries for multinational client servicing.

The company's offering extends beyond pure broking into a structured ecosystem of wholly-owned subsidiaries and specialty practices. Three subsidiaries — Industrial Risks Protection Consultants (IRPC) for risk engineering and loss control, Resources Benefits Associates (RBA) for employee benefits and human capital consulting, and IBN Health Advisory for healthcare consulting — sit alongside specialty practices covering Property & Casualty, Aviation, Marine Hull & Cargo, Energy & Power, and Professional Services. A Wholesale Reinsurance division works with local insurers/reinsurers and international brokers to build reinsurance capacity for Nigeria-domiciled risks. Technology infrastructure includes interactive client portals and real-time marine insurance certificate management, supporting the firm's consultative, relationship-driven GTM.

IBN targets enterprise customers across nine verticals — Energy (oil, gas, natural resources), Power & Infrastructure, Construction, Marine, Aviation, Commerce & Industry, Professional Services, Government & Statutory Corporations, and Personal Wealth — with explicit emphasis on large corporations, government institutions, and multinational enterprises. The firm reports deploying in excess of N10 billion in premium volume into the Nigerian insurance market, providing leverage with insurer decision-makers. Governance is led by Managing Director Prosper C. Okpue, Deputy Managing Director Eric Omozejele, and a board chaired by Otunba (Dr.) Adekunle Ojora (OFR). The firm rebranded in June 2025 and operates under the regulatory framework introduced by Nigeria's NIIRA 2025.

Name

Insurance Brokers of Nigeria

Legal name

Insurance Brokers of Nigeria Limited

Website

https://ibn.com.ng

Company type

Private

Founded year

1955

Operating status

Operating

Headcount range

51–100 employees

Short description

Insurance Brokers of Nigeria is a Lagos-based insurance broking and risk advisory firm founded in 1955, serving enterprise clients across energy, construction, marine, aviation, and other sectors in Nigeria. It operates three wholly-owned subsidiaries — IRPC, RBA, and IBN Health Advisory — and holds membership in the UNIBA Partners global network.

Ownership category

akta.pro rank

Product category

Insurance Brokerage & Risk Advisory

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (52421), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

akta.pro secondary industries

Reinsurance Brokerage (FSAEADAE), Reinsurance Program Structuring & Portfolio Solutions (Broker-led) (FSAOAHAJ)

Keywords

• Insurance brokerage services
• Risk management advisory
• Reinsurance brokerage
• Commercial insurance solutions
• Corporate risk consulting

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Brokerage Commissions: IBN arranges insurance policies on behalf of policyholders and earns commissions from insurance companies who place the client's business. The services are free-of-charge to all clients as brokers are paid through commissions from insurers.
2. Risk Management Advisory Fees: Professional advisory services for integrated risk management approach, including risk assessment, program design, and claims management support.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Insurance Brokers of Nigeria (IBN) is a full-service insurance broker and risk advisory firm that arranges insurance and reinsurance coverage on behalf of corporate, institutional, and individual clients across Nigeria. The firm earns commissions from insurers for placement and fees for advisory services, delivered through specialized practice areas covering marine, aviation, energy, property & casualty, human capital, and healthcare risks. It also operates dedicated subsidiaries (IRPC, RBA, IBN Health Advisory) for industrial risks, employee benefits, and health advisory services.

Product overview

Insurance Brokers of Nigeria (IBN) operates as an integrated risk management and insurance broking platform with multiple specialized divisions and wholly-owned subsidiaries. The core offering includes Insurance Broking Services supplemented by dedicated practices for Property & Casualty, Aviation, Marine, Energy & Power, and Professional Services. The company portfolio includes three key subsidiaries: Industrial Risks Protection Consultants (IRPC) for risk engineering and loss control, Resources Benefits Associates (RBA) for employee benefits and human capital consulting, and Health Advisory Services for healthcare consulting. A Wholesale Reinsurance division provides reinsurance market capacity solutions. This multi-subsidiary structure enables IBN to deliver comprehensive, integrated risk management solutions from insurance brokerage through to specialized sector coverage and human capital advisory services.

Differentiator

Problem solved

Functional benefit

Products and services

• Insurance Broking Services Core insurance broking service that arranges insurance coverage with insurers on behalf of corporate and individual clients across Nigeria, earning commissions on placement.
• Reinsurance Broking (Wholesale Reinsurance) Wholesale reinsurance placement service that places reinsurance programs with international reinsurers, supported by the UNIBA Partners network. Target clients are insurance companies and large corporate cedants.
• Energy and Power Insurance Practice Specialized insurance broking for energy, oil & gas, and power generation clients, providing placement of property, liability, and operational risk coverage for high-value energy assets.
• Marine, Aviation and Ports Insurance Practice Specialized broking for marine hull, marine cargo, and aviation insurance, including a client portal for real-time marine insurance certificate management and supply chain visibility.
• Specialty Property & Casualty Practice Specialty property and casualty broking for complex commercial risks that require bespoke placement structures and dedicated underwriter relationships.
• Industrial Risks Protection Consultants (IRPC) IBN subsidiary providing specialized industrial risk advisory and insurance placement for large industrial and commercial clients, particularly in energy, construction, and heavy industry sectors.
• Resources Benefits Associates (RBA) IBN subsidiary delivering employee benefits advisory and brokerage, including group life, health, pension, and other employee benefit insurance programs for corporate clients.
• IBN Health Advisory IBN subsidiary providing health insurance broking and advisory services, including group health plan design, placement, and ongoing healthcare risk advisory for corporate clients.
• Human Capital Consulting Human capital risk advisory practice addressing employee-related risks, including benefits structuring, group risk benefits, and workforce risk consulting for corporate clients.
• Professional Services Support Practice Insurance broking and risk advisory tailored for professional services firms, including professional indemnity, liability, and partnership risk coverage.
• Personal and Private Wealth Management Insurance Personal lines insurance broking and private wealth risk advisory for high-net-worth individuals, covering personal valuables, real estate, motor, travel, and bespoke lifestyle risks.
• Claims Management Services Claims advocacy and management service that supports clients in the preparation, submission, and negotiation of insurance claims with insurers to optimize claim outcomes.

Quantifiable outcome

• N10 billion+ market leverage deployed in Nigerian insurance market for competitive pricing
• +2 more outcomes

Named customers4 records

Segments11 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• UNIBA PartnerscoreStrategic or Co-development PartnerIBN is a member of UNIBA Partners, one of the world's largest independent providers of risk management, insurance broking and employee benefits services. This global network spans over 100 countries, enabling IBN to access international resources, markets, and expertise while serving clients with global coverage needs. The partnership allows IBN to collaborate with other independent brokers worldwide to bring best quality service to clients in their domicile countries.

Scale indicators4 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Howden: Howden is a global independent insurance broker with strong emerging-markets and specialty lines presence. Its independent ownership and specialty-led model closely mirrors IBN's positioning, and it represents a benchmark for international expansion ambitions.
• Hub International: Hub International is a global insurance brokerage that has expanded aggressively through acquisitions into specialty and commercial lines. Comparable to IBN in its multi-product, multi-segment structure, although operating at substantially greater scale.
• Brown & Brown, Inc. Brown & Brown is a large US-focused independent insurance brokerage with growing specialty and international exposure. While primarily US-centric, its decentralized brokerage model and specialty acquisition strategy make it a comparable peer to IBN's multi-line, multi-subsidiary structure.
• Arthur J. Gallagher & Co. Gallagher is a global insurance brokerage and risk management firm with growing emerging-markets exposure. While not a direct Nigeria specialist, its acquisition-driven global expansion in brokerage and reinsurance makes it a comparable independent broker model to IBN, particularly in specialty and reinsurance lines.
• Lockton: Lockton is the world's largest independent insurance broker, comparable to IBN in its independent ownership model and specialty focus. While Lockton lacks Nigeria depth, its global independent network structure and specialty broking approach provide a strategic benchmark for IBN's positioning.

Regional players

• Continental Reinsurance Brokers: Continental Reinsurance is a pan-African reinsurance company with brokerage and capacity creation capabilities, closely comparable to IBN's Wholesale Reinsurance division. It operates across West and broader African markets, offering IBN both a competitor and a potential reinsurance capacity partner.

Others

• African Reinsurance Corporation (Africa Re): Africa Re is a pan-African reinsurer serving as a key reinsurance capacity provider across the continent. While Africa Re is a reinsurer (not a broker), it is a critical counterpart to IBN's wholesale reinsurance division and shapes placement economics across the Nigerian market.

Direct peers

• Willis Towers Watson (Nigeria): WTW (now WTW) operates an insurance and reinsurance broking presence in Nigeria serving large corporate and energy clients with global placement needs. It is one of the three global brokers competing head-to-head with IBN for enterprise wallets.
• Aon (Nigeria / Africa operations): Aon provides insurance broking, reinsurance, and risk advisory services in Nigeria and across Africa, targeting the same enterprise and energy clients as IBN. Aon's global analytics and capital-markets capabilities make it one of IBN's primary competitive benchmarks in the Nigerian market.
• Marsh (Nigeria / Africa operations): Marsh operates a major insurance broking and risk advisory practice across Nigeria and Africa, directly competing with IBN for large enterprise and energy sector mandates. As the world's largest broker, Marsh offers global placement scale that IBN counters with local depth and UNIBA network access.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ibn_limited
• Facebookfacebook.com/ibnlimited
• LinkedInlinkedin.com/company/insurance-brokers-of-nigeria-limited/about
• Instagraminstagram.com/ibnlimited

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries3 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 Insurance Brokers of Nigeria