Africinvest, a leading Pan-african asset management company has acquired minority stake in Royal Exchange General Insurance Company (REGIC), which is one of the biggest private insurance Company in Nigeria. The investment was made through its evergreen private equity fund, Financial Inclusion Vehicle (FIVE), in the form of a subscription to a capital increase.
This investment has been approved by NAICOM, and will support the enhancement of REGIC’s underwriting capacities; strengthen the company’s execution capabilities at top and middle management in order to ensure the successful implementation of an ambitious growth plan for the company within the next 5-7 years.
In addition, the investment by AfricInvest (FIVE) will result in the restructuring of the Board composition of REGIC, with the expected appointment of new Directors to the Board of REGIC, awaiting NAICOM’s approval.
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