Royal Exchange To Transform Retail Insurance With New MD

With the assumption of Mrs. Ebele Nwachukwu as the new managing director/CEO of Royal Exchange General Insurance Company (REGIC) Limited, the company said, it is set to transform retail insurance business in the country. 

Announcing the new MD/CEO of REFIC to the media yesterday in Lagos, its chairman, Prince Ike Chioke, noted that, the key priority of the new management headed by Ebele Nwachukwu will be to focus on its transformation agenda as it seeks to diversify its business lines and expand into the retail insurance space. 

He added that the vision of REGIC is to attain and maintain market leadership in terms of profitability and service excellence in the markets its operate.

According to him, “for us at the board, we see Ebele as someone who can drive this vision, as we seek to become a top 3 general insurance firm in Nigeria. This is the goal and expectation of the investors and the Board, within the next 3-5 years.

“We strongly believe that the future is very bright for us at Royal Exchange General Insurance Company. Ebele’s appointment is the last piece of the puzzle we have solved to set us on the right trajectory for growth and sustained profitability in the years ahead.”

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While thanking the outgoing CEO,  Mr. Ben Agili for his outstanding service to the company during his time as the managing director, he said, under his watch, the company has grown to be major player in the general insurance space, adding that, Mr. Agili will be remembered for his leadership, service, dedication, and strong commitment to the company.

Similarly, the new managing director/CEO, REGIC, Mrs. Ebelechukwu Nwachukwu, promised to consolidate on the initiatives and services the company currently offer, while trying to expand its retail operations to deepen insurance penetration in the country.

Saying that the future of insurance lies in retail and that her firm understands this, which is why the insurer is strategising on its retail operations, she promised that REGIC will not also lose sight of the corporate market, even though, its major focus would be retail. 

Promising to utilise technology to reach the uninsured, she promised that a lot of innovative ideas are already in the works to improve on the low insurance penetration in the country, even as she vowed to create a good working conditions for staff of Royal Exchange General Insurance in a bid to motivate them and bring the best out of them.

Ebele brings close to three decades of versatile, proven and trusted experience in the insurance industry to REGIC.  Previously, she has led two insurance companies from where she established her track record of excellence and outperformance.

Following the investments by IIF and AfricInvest, REGIC’s shareholders funds currently stands at approximately N14bn with ownership split as follows: 40 per cent to Royal Exchange Plc, 30 per cent to IIF, and 30 per cent to AfricInvest.