Tuesday, 8 July 2008

Royal Exchange Assurance (Nigeria) Plc to split its business into life and non life insurance

Royal Exchange Assurance (Nigeria) Plc, which posted gross premium of N899.42 million for the first quarter, has approved its split into life and non life insurance entities. The new subsidiaries will be Royal Prudential Life Assurance Company Plc and Royal Exchange General Insurance Company Limited while Royal Exchange Assurance will cease to be an insurance company.

The initiative was borne out of a regulatory authority direction. Royal Exchange Assurance, in its new role as a holding company, hopes to expand into other subsidiaries in the financial service sector, such as pension and mortgage.

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