October 31, 2019 /06:01PM / By NSE/ Header Image
Credit: Royal Exchange Plc
In furtherance of our notification on the Nigerian Stock Exchange on July 18, 2019, we are pleased to notify the Nigerian Stock Exchange, our Shareholders and the investing public of the completion/close out of the acquisition of 39.25% equity stake in Royal Exchange General Insurance Company Limited, a subsidiary of Royal Exchange Plc: ("the Company") by the InsuResilience Investment Fund ("IIF") set up on behalf of the German Government by KfW and managed by Swiss based Impact Investment Manager, Blue Orchard Finance Limited.
The purpose of the Investment is to spur growth in the Company by increasing its underwriting capacity in the agriculture insurance space.
We assure our esteemed shareholders and the investing public that the Company Is strategically positioned to capture the opportunity presented by over 30 million under-insured small scale farmers in Nigeria by leveraging on technology to increase the resilience of small scale farmers to climate change.
We also reiterate our commitment to continue to develop innovative products and services to meet the insurance needs of the general public.
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