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Royal Exchange announces acquisition deal 

Joseph Olaoluwa by Joseph Olaoluwa
October 31, 2019
in Markets, Stock Market
Royal Exchange completes acquisition deal between German Fund and subsidiary , Royal Exchange subsidiary receives investment from German Government
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Royal Exchange Plc has announced the completion of the 39.25% acquisition of Royal Exchange General Insurance Company Limited (REGIC) by Germany’s InsuResilience Investment Fund (IIF).

The Details: This information was disclosed by the insurance firm in a notification to the Nigerian Stock Exchange (NSE), shareholders, and the investing public at large.

[READ MORE: Google set to extend footprints with acquisition of smartwatch company, Fitbit]

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Royal Exchange Plc, which is the parent firm of REGIC, explained that the investment was borne out of the need to spur growth in the company by increasing its underwriting capacity in the agriculture insurance space.

Further Developments: The insurance firm also promised to tap into the goldmine of over 30 million under-insured small-scale farmers in Nigeria via leveraging on technology to increase the resilience of small-scale farmers to climate change.

It also pledged to develop innovative products that would cater to insurance needs of the general public.

This development is coming after the National Insurance Commission (NAICOM) approved the acquisition deal in July this year.

The partnership was designed to use the proceeds of the investment to leverage REGIC’s growth by increasing its risk capital and supporting its underwriting capacity in agriculture, thereby extending its outreach to low-income farmers.

What you should know: The Luxembourg-based IIF was set up by KfW, the German Development Bank, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). The investment fund is being managed by Swiss-based impact investment manager, BlueOrchard Finance Limited.

The overall objective of the IIF is to contribute to the adaptation to climate change by improving access to and the use of insurance in developing countries. The specific objective of the Fund is to reduce the vulnerability of low-income households and Micro, Small and Medium Enterprises (MSME) to extreme weather events.

A look into the company’s financials: Royal Exchange’s financial statement showed that it generated N11 billion in its Gross Premium Income over the past nine months of 2019. This indicated a 0.9% decline compared to N11.1 billion generated as at Q3 2018.

[READ ALSO: Dangote Flour Mills shareholders unanimously approve company acquisition]

Profit Before Tax: The Group recorded a loss before tax of N72.8 million as at Q3 2019, compared to a profit before tax of N163.5 million in the last three quarters of 2018, representing a 145% decrease.

Profit After Tax: Royal Exchange recorded a loss after tax for the period under consideration to the tune of N96.2 million, compared to a profit after tax of N111.1 million as at Q3 2018, representing a 187% decline.


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Tags: InsuResilience Investment FundNigerian Stock ExchangeOn the MoneyRoyal Exchange General Insurance Company LimitedRoyal Exchange Plc
Joseph Olaoluwa

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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