International Energy Insurance

What International Energy Insurance does

International Energy Insurance Plc (IEI) is a publicly listed Nigerian insurance company headquartered in Lagos, operating across eight branch offices in Nigeria. Founded in 1969 as Nigeria Exchange Insurance Company Limited, the company rebranded in 2003 to specialize as Nigeria's first energy-focused insurer, underwriting offshore and onshore energy risks alongside a broader general insurance portfolio that includes marine (hull and cargo), motor, fire and special perils, engineering, bonds, and general accident coverage. Its primary customers are corporate energy-sector clients and general insurance consumers, with NNPC disclosed as a named legacy counterparty.

The company underwrites risk through a traditional insurance model, distributing policies via direct branch sales, broker intermediaries, and a self-service digital portal at ieiplc.com.ng. Capacity for large energy risks is provided by a reinsurance consortium led by African Reinsurance Corporation, with Nigeria Re, Continental Re, and FBS Re as additional treaty and facultative partners. No proprietary technology platform or AI/ML capabilities are disclosed; the operating model is sales-led and quote-based, with claims serviced through a network targeting settlement within 24 hours for amounts under N200,000.

IEI was acquired in July 2022 by Norrenberger Advisory Partners Limited under NAICOM approval, triggering an operational restructuring that cleared legacy tax, salary, pension, and claims arrears. Gross premium grew from N687 million in 2021 to N5.1 billion in 2023, with a return to profitability in 2023 (PBT of N931 million versus a N146 million loss in 2022). However, Q1 2026 disclosed a 61% year-over-year revenue contraction, and the company is pursuing a recapitalization of up to N22 billion while operating under an acting CEO following the November 2025 leadership transition.

Name

International Energy Insurance

Legal name

International Energy Insurance Plc

Website

http://www.ieiplcng.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

51–100 employees

Short description

International Energy Insurance Plc is Nigeria's first energy-focused insurer, underwriting offshore and onshore energy risks alongside general insurance products (marine, motor, fire, engineering, bonds, accident) for corporate and individual clients across Nigeria.

Ownership category

akta.pro rank

Product category

Energy and General Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Property and Casualty Insurance Carriers (524126), Other Direct Insurance (except Life, Health, and Medical) Carriers (524128)

SIC

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

akta.pro primary industry

Energy & Power Specialty (Onshore/Offshore) (FSAJAGAI)

akta.pro secondary industries

Marine & Aviation Insurance (FSAJAMAI), Specialty Catastrophe Reinsurance (Marine, Aviation, Energy, Cyber) (FSAOACAC)

Keywords

• Energy insurance
• General insurance
• Marine insurance
• Motor insurance
• Engineering insurance

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premiums: IEI generates revenue primarily through insurance premiums from its portfolio of energy-focused and general insurance products including marine, motor, fire, engineering, bonds, and general accident insurance. Gross premiums grew from ₦687 million (2021) to ₦5.1 billion (2023), representing 40.9% average growth rate with yearly growth rates of 17.8% in 2021, 22.1% in 2022, and 82.8% in 2023.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

International Energy Insurance Plc underwrites specialized energy insurance covering offshore and onshore risks, alongside a general insurance portfolio including marine (hull and cargo), motor, fire and special perils, engineering, bonds, and general accident cover. The company also provides risk advisory and claims settlement services backed by a consortium of reinsurers led by African Reinsurance Corporation.

Product overview

IEI Insurance PLC offers a comprehensive portfolio of six core insurance products: General Accident Insurance, Marine Insurance (including Marine Hull and Marine Cargo), Motor Insurance, Fire & Special Perils Insurance, Engineering Insurance, and Bonds (performance, advance payment, credit, and custom bonds). The company positions itself as Nigeria's first Energy-Focused Insurance Company, specializing in offshore and onshore energy risks as well as general insurance business. A Third Party Portal is available for customers to purchase policies and manage their accounts online.

Differentiator

Problem solved

Functional benefit

Products and services

• General Accident Insurance Insurance product covering a wide range of accident scenarios, providing protection against bodily injury and related damages for individuals and corporate clients.
• Marine Insurance Covers Marine Hull and Marine Cargo insurance, protecting vessels and goods during maritime transport for shipping companies, cargo owners, and logistics operators.
• Motor Insurance Insurance coverage for private and commercial vehicles with multiple packages to suit various needs, targeting both individual vehicle owners and fleet operators.
• Fire & Special Perils Insurance Provides indemnity against loss or material damage to insured properties occasioned by fire, lightning, and explosion, designed for property owners and businesses.
• Engineering Insurance Coverage for contractors providing financial protection against mishaps during construction projects, targeting construction firms and project owners.
• Bonds Performance bonds, advance payment bonds, credit bonds, and custom bonds for contractors and businesses needing contractual guarantees.
• Energy Insurance (Offshore and Onshore) Specialized underwriting solutions for offshore and onshore energy risks including oil and gas business insurance, targeting energy sector clients requiring deep domain expertise.

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and major.

• African Reinsurance CorporationcoreOthersAfrican Reinsurance Corporation leads the consortium of reinsurers backing IEI's insurance operations, providing capacity and financial security for the company's risk underwriting. As the lead reinsurer, Africa Re provides treaty and facultative reinsurance support essential for IEI's ability to write large energy risks.
• Nigeria ReinsurancecoreOthersNigeria Reinsurance is one of the key local reinsurers in the consortium backing IEI's insurance portfolio, providing domestic reinsurance capacity and supporting the company's risk distribution capabilities.
• Continental ReinsurancemajorOthersContinental Reinsurance provides facultative and treaty reinsurance support to IEI, contributing to the reinsurance consortium that backs the company's underwriting capacity for energy and general insurance risks.
• FBS ReinsurancemajorOthersFBS Reinsurance participates in the reinsurance consortium supporting IEI's operations, providing additional capacity for risk distribution across the company's insurance portfolio.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Cornerstone Insurance Plc: Nigerian general insurance company offering motor, fire, marine, engineering, and bond products. Comparable product mix and distribution model targeting Nigerian corporate and individual customers.
• AXA Mansard Insurance Plc: Nigerian subsidiary of AXA offering general insurance including marine, motor, fire, engineering, and energy-related coverage. Closely comparable in product breadth, branch network, and target corporate segment in Nigeria.
• Leadway Assurance Company Limited: One of Nigeria's largest indigenous insurers providing general business, life, and oil & gas insurance. Comparable in scale, product portfolio, and broker-distribution model serving Nigerian corporate and energy clients.
• Custodian Insurance Plc: Nigerian composite insurer offering general insurance including fire, marine, motor, and engineering. Comparable as a publicly listed Nigerian multiline insurer with branch network and broker distribution.
• Sovereign Trust Insurance Plc: Nigerian general insurer providing marine, fire, motor, engineering, and oil & gas insurance. Comparable as a smaller Nigerian multiline insurer with similar target segments and broker reliance.
• AIICO Insurance Plc: Nigerian composite insurer listed on NGX offering life, general, and special risk insurance including oil & gas coverage. Directly comparable as a Nigerian multiline insurer competing for corporate and energy-sector clients in the same regulatory and macroeconomic environment.

Regional players

• Continental Reinsurance Plc: Pan-African reinsurer headquartered in Nigeria providing treaty and facultative support across West and East Africa. Comparable as both an industry partner (one of IEI's reinsurers) and a regional peer in the West African risk-transfer ecosystem.
• African Reinsurance Corporation: Pan-African reinsurer and lead reinsurer in IEI's consortium. Comparable as the dominant African reinsurer setting capacity terms for energy risks across the continent, including in Nigeria.
• WAICA Reinsurance Plc: West African reinsurer providing capacity for energy, marine, and general insurance risks in the ECOWAS region. Comparable as a regional reinsurer competing for the same Nigerian ceded premium pool.

Broad incumbents

• Liberty Mutual Insurance: Global multiline insurer with a substantial energy and specialty insurance book including offshore and onshore energy risks. Comparable as a broad incumbent competing for large international energy accounts that may also touch the Nigerian market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/ieiplcng
• Facebookfacebook.com/InternationalEnergyInsurancePlc
• LinkedInlinkedin.com/company/ieiplcng/posts/?feedView=all
• Instagraminstagram.com/ieiplc_ng

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds2 records

Investors1 record

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 International Energy Insurance