Yesterday, Royal Exchange General Insurance Company, a distinguished leader in the Nigerian insurance sector, proudly announced its rebranding to Rex Insurance.
This significant transformation marks a new chapter in the company’s history, dating back to its establishment in 1918. The rebranding was commemorated with a ceremony held at her newly unveiled headquarters – 26E Abdulrahman Okene Street, Victoria Island saw in attendance key stakeholders, industry leaders, the Lagos state governor, ably represented by the Commissioner for Finance Mr. Abayomi Oluyomi and other esteemed guests.
Speaking at the new head office, Dr. Ike Chioke, Chairman of Rex Insurance, noted, “sustainability is a key pillar of our corporate philosophy. As part of our environmental, social and corporate initiatives, we have taken significant steps to reduce our environmental footprints. Our new head office is equipped with solar panels providing sustainable energy source that reduces our reliance on traditional power and minimises our carbon footprint. Additionally, we have started our paperless office initiative to ensure that we reduce paper usage and in effect reduce the impact of deforestation. Also, we’ve undertaken a treeplanting initiative around our office contributing to a greener environment and promoting biodiversity. These efforts reflect our deep commitment to protecting our planet for future generations”.
The company’s roots trace back to the Royal Exchange Assurance, London (REA), founded in 1720 as one of the first insurance companies to receive legal status by Royal Charter. In 1969, the Nigerian branch was reconstituted and incorporated as Royal Exchange Assurance (Nigeria) Limited, and it went public in 1989, listing on the Nigerian Stock Exchange in 1990. The decision to rebrand as Rex Insurance reflects the company’s commitment to continuous reinvention and innovation. Rex Insurance aims to provide trusted and innovative insurance and risk management services, staying true to its mission while embracing a modern identity that resonates with today’s market.
Rex Insurance boasts one of the largest branch networks in its sector, with 16 branches nationwide and 4 business directorates. The company has established enduring relationships with both local and international reinsurers, and it is well-positioned to participate actively in the underwriting of Oil and Gas risks due to Nigeria’s Local Content Policy. With an Authorised Share Capital of N5.367 billion, an Issued and Paid-up Capital of N5.367 billion, and Shareholders’ Funds standing at N8.85 billion as of December 31, 2018, Rex Insurance is financially robust, with Total Assets amounting to N23.31 billion.
Dr. Ebelechukwu Nwachukwu, CEO of Rex Insurance, also commented, “This moment marks a significant milestone in our company’s journey that started since 1918 and a testament to the hardwork, dedication and vision of everyone involved. We are truly a transgenerational company and today’s occasion is to celebrate this. Over the last four years of our company we have experienced injection of additional capital by two great entities – Blue Orchard through its InsuResilience fund (IIF) and Africinvest through its financial inclusion vehicle (FIVE). We have gone thru digitization, digitalization of our processes as part of our digital transformation journey; we have transformed our approach to customer services and improved our human resources. Revamping of the brand today is to reflect all of the changes that have already happened to the business and the transformation that is still ongoing”.
Rex Insurance continues to uphold the core values of teamwork, integrity, innovation, and a customer-focused approach. The company remains dedicated to providing excellent service and maintaining its leadership position in profitability and as a desirable workplace.
The new slogan, “You’re not alone!”, encapsulates Rex Insurance’s commitment to standing by its customers, providing them with unwavering support and innovative solutions tailored to their needs.
For more information about Rex Insurance and its range of services, please visit https://rexinsure.com/ or email [email protected] or call +234 708 0606 100.
