Rex Insurance

What Rex Insurance does

Rex Insurance Limited is a Nigerian general insurance company headquartered in Victoria Island, Lagos, with operations that trace back over 100 years to the former Royal Exchange General Insurance Company (REGIC). The company was rebranded to Rex Insurance in 2024 alongside a head office relocation. It operates a 14-branch network across Nigeria covering Lagos, Abuja, Port Harcourt, Kano, Ibadan, Enugu, Kaduna, Benin City, Asaba, Aba, and Warri, complemented by a digital self-service e-portal (eportal.rexinsure.com) for online quoting, policy purchase, and claims reporting.

Rex Insurance offers a broad portfolio across personal and commercial lines. Personal products include motor, fire, general accident, home protection, shop protection, personal care, family care, group care, student protection, driver and rider protection, and parcel protection, typically structured in tiered pricing options. Corporate and specialty lines include aviation, marine, engineering, energy, oil and gas, industrial all risks, bonds (advance payment, performance, bid), and agricultural insurance including a Weather Index Insurance product launched in partnership with the Nigerian Meteorological Agency (Nimet) and reinsured through Africa RE. The simplified claims process is positioned as a key differentiator, consolidating the traditional multi-step workflow into a four-step process.

The company's revenue model is primarily gross written premiums across multiple insurance classes. For FY2024, Rex Insurance reported N28.76 billion in gross written premiums, a 72% increase from N16.7 billion in 2023, with profit before tax of N880.7 million, total assets of N56.1 billion, and N30.2 billion paid in claims across various business classes. Go-to-market combines direct-to-consumer digital self-service, retail walk-in branch traffic, and field sales for corporate and enterprise clients, with active event sponsorship and industry leadership visibility (the MD serves as the 27th Chairman of the Nigerian Insurers Association).

Name

Rex Insurance

Legal name

Rex Insurance Limited

Website

https://rexinsure.com

Company type

Private

Founded year

1916

Operating status

Operating

Headcount range

101–250 employees

Short description

Rex Insurance is a Nigerian general insurance company offering motor, fire, marine, aviation, agricultural, energy, and personal protection products to individuals and corporate clients across Nigeria, distributed through 14 branches and a digital e-portal.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

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

SIC

Fire, Marine & Casualty Insurance (6331), Surety Insurance (6351), Accident & Health Insurance (6321)

akta.pro primary industry

Product Liability (FSAJADAC)

akta.pro secondary industries

Travel & Accident (Non-Life) Insurance (FSAJAMAN), Personal Accident Insurance (Injury, Disability & Income Benefit) (FSAJAJAD), Ocean Marine Insurance (Hull, Cargo & Freight) (FSAJAHAA), Individual AD&D Insurance (Direct-to-Consumer) (FSAIALAC)

Keywords

• General insurance services
• Motor vehicle insurance
• Agricultural insurance
• Marine cargo insurance
• Property fire insurance

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Gross Written Premiums: Rex Insurance generates revenue primarily through insurance premiums across multiple lines of business including motor, fire, marine, engineering, agriculture, aviation, and bond insurance. For 2024, the company reported N28.76 billion in gross written premiums, a 72% increase from N16.7 billion in 2023.
2. Insurance Premiums (Multiple Classes): The company collects premiums from both personal and corporate insurance products. Premiums are collected at policy inception and renewed annually, covering motor, fire, general accident, engineering, marine, energy, agriculture, bonds, and aviation lines of business.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Rex Insurance is a Nigerian general insurance company that underwrites and sells motor, fire, marine, aviation, engineering, agriculture, energy, bond, and personal accident insurance products. It serves both individual consumers (via a self-service e-portal and 14-branch network) and corporate clients (aviation, marine, energy, bonds, engineering, agricultural lines) across Nigeria, collecting premiums at policy inception with annual renewals.

Product overview

Rex Insurance is a Nigerian general insurance company operating as a single unified platform with a broad portfolio of insurance products organized across personal, corporate, and specialized segments. The personal products include Motor Insurance, Fire Insurance, General Accident Insurance, and Retail Insurance, while corporate products extend to Marine, Aviation, Bond, Engineering, Agriculture, Energy, and Industrial All Risks Insurance. The company also operates a digital e-portal offering specialized products including Home Protection Plan (Fire Only and Fire & Burglary), Shop Protection Plan, Royal Personal Care, Royal Family Care, Royal Group Care, Driver & Riders Protection Plan, Student Protection Plan, Parcel Protection Plan, and Royal Auto Variants. In 2024, Rex Insurance completed its rebranding from Royal Exchange General Insurance Company (REGIC) and is focused on expanding agricultural insurance through partnerships with organizations like NIMET and Africa RE.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance Comprehensive and third-party motor vehicle insurance covering damage, theft, and liability. Offered as Third Party, Royal Auto Silver (3.5% + N15,000), and Royal Auto Bronze (3% + N15,000) variants; private car third-party starts at N15,000, buses at N20,000, motorcycles at N1,000.
• Fire Insurance Insurance coverage against fire damage to residential, commercial, and industrial property and assets, available as personal fire cover or corporate industrial fire cover.
• General Accident Insurance Coverage for bodily injury and death resulting from accidents, including legal liability to third parties; encompasses personal accident and liability products such as Royal Personal Care, Royal Family Care, Royal Group Care, Driver & Riders Protection, and Student Protection.
• Aviation Insurance Comprehensive cover against loss or damage to aircraft operating worldwide, including operator's legal liability to third parties, passenger liability, public liability, ground risk hull insurance, and in-flight insurance.
• Bond Insurance Guarantee bonds including Advanced Payment Bond, Performance Bond (contract bond for project completion), and Bid Bond for tendering purposes.
• Engineering Insurance Insurance coverage for engineering projects, construction machinery, and equipment against various risks during construction and operation.
• Marine Insurance Coverage for goods in transit and marine vessels, including Single Transit and Open Cover insurance options for goods transported by road, rail, or inland waterway.
• Agriculture Insurance Insurance products for the agricultural sector including Weather Index Insurance for smallholder farmers (co-developed with Nimet and Africa RE), covering crop losses due to weather conditions and tailored coverage for agribusinesses.
• Energy Insurance Insurance coverage for oil and gas operations and energy sector risks.
• Industrial All Risks Insurance Comprehensive industrial coverage combining multiple risk categories for large industrial and commercial operations.
• Home Protection Plan Insurance for household items against fire, flood, windstorm, and burglary. Available as Fire Only (5 tiers: N2,500 to N10,000) or Fire & Burglary (5 tiers: N4,250 to N17,000) covering sums insured from N500,000 to N2,000,000.
• Shop Protection Plan Insurance for shops and supermarket owners against fire, burglary, flood, and windstorm damage to goods and premises. Available as Fire Only (5 tiers: N4,000 to N16,250) or Fire & Burglary (5 tiers: N6,250 to N25,000).
• Royal Personal Care Individual insurance providing compensation for medical expenses, permanent disability, and death resulting from accidents. Five coverage tiers from N2,625 to N10,500.
• Royal Family Care Family insurance providing compensation for accidental death, permanent disability, and medical expenses for family members including parents and children. Three coverage tiers from N2,625 per parent to N10,500 per parent.
• Royal Group Care Group insurance for associations, organizations, and staff providing compensation for bodily injury, medical expenses, permanent disability, or death. Five coverage tiers from N5,150 to N17,700 covering up to N2,000,000 death plus N2,000,000 permanent disability plus N200,000 medical expenses.
• Driver & Riders Protection Plan Compensation plan for licensed drivers, corporate drivers, commercial drivers, dispatch riders, tricycle and motorcycle riders covering medical expenses, death benefits, and permanent disability compensation. Five tiers from N2,000 to N9,000.
• Student Protection Plan Insurance ensuring continuous education coverage for students in case of parent or guardian's permanent disability or death. Covers death, permanent disability, and medical expenses. Five tiers from N5,250 to N22,000.
• Parcel Protection Plan Coverage for goods in transit by road, rail, or inland waterway including during boarding, unloading, and temporary garaging. Five tiers from N1,000 to N3,000 covering sums insured up to N300,000.

Quantifiable outcome

• 72% increase in gross written premiums to N28.76 billion in 2024 (from N16.7 billion in 2023)
• +3 more outcomes

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

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Nimet (Nigerian Meteorological Agency)coreStrategic or Co-development Partner · 1 March 2026Rex Insurance partnered with Nimet (Nigerian Meteorological Agency) to launch Weather Index Insurance products specifically designed for smallholder farmers in Nigeria. This partnership leverages weather data to create innovative insurance products that pay out based on predetermined weather parameters rather than individual loss assessments, making claims processing faster and more transparent for farmers.
• Africa RE (African Reinsurance Corporation)coreStrategic or Co-development PartnerRex Insurance formed a strategic partnership with Africa RE (African Reinsurance Corporation) to expand its agricultural insurance offerings across Nigeria. Africa RE provides reinsurance capacity and technical expertise supporting Rex Insurance's goal to deepen its presence in the agricultural insurance sector through tailored products for the farming community.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Custodian Insurance Plc: Nigerian general insurance company offering motor, fire, marine, engineering, oil & gas and personal lines — overlaps with Rex across corporate P&C and personal lines distribution.
• Coronation Insurance (formerly WAPIC): Nigerian general insurance group offering motor, fire, marine, oil & gas, engineering and personal lines, comparable to Rex in product mix and enterprise customer focus.
• Industrial and General Insurance (IGI) Plc: Nigerian general insurance carrier providing motor, fire, marine, engineering and personal lines — overlaps with Rex in core P&C products and Nigerian retail/corporate market focus.
• AXA Mansard Insurance: Nigerian subsidiary of AXA offering motor, fire, marine, energy, engineering and personal insurance lines with a strong digital platform — directly competes with Rex across all major P&C lines and on digital distribution.
• Leadway Assurance Company: One of Nigeria's largest general insurance companies offering motor, fire, marine, aviation, energy, engineering and personal accident products through both agency and direct channels — Rex Insurance's closest direct competitor in the Nigerian general insurance market.
• Sovereign Trust Insurance Plc: Nigerian general insurance company offering motor, fire, marine, aviation, engineering and oil & gas products to retail and corporate clients — directly comparable in product breadth and target segments to Rex Insurance.
• AIICO Insurance Plc: Major Nigerian composite insurer offering general (motor, fire, marine, engineering, aviation, oil & gas) and life insurance, with a comparable century-old operating history and broad enterprise distribution.
• Cornerstone Insurance Plc: Nigerian general insurer with a comparable product mix across motor, fire, marine, engineering and oil & energy lines, serving both retail and corporate customers across Nigeria.

Regional players

• Old Mutual Nigeria: Pan-African insurance group operating in Nigeria with general and life insurance products; while broader in geographic scope, it competes directly with Rex in the Nigerian P&C retail and corporate market.

Others

• African Reinsurance Corporation (Africa RE): Pan-African reinsurer and Rex's strategic partner on agricultural insurance; while not a direct competitor, Africa RE shapes the competitive landscape by providing reinsurance capacity and technical support to Nigerian primary insurers including Rex.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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 Rex Insurance