WelcomeWelcome to Nigeria Reinsurance Corporation
Nigeria Reinsurance Corporation was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1st, 1978 as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria.
The purpose for the establishment of the Corporation was to stem the outflow of funds in form of reinsurance premiums, by accepting legal cession of all local insurance policies and writing inward international reinsurance businesses.
From the N1, 500,000 take off capital granted the Corporation by the Federal Government of Nigeria, it has today an authorized share capital of N4,500,000,000 at 50k each with an issued and fully paid up capital of N2,258,605,000 at 50k.
In line with the privatization policy of the Federal Government of Nigeria, the Corporation’s 51% equity was acquired in December 2002, by Reinsurance Acquisition Group - the Management buy out vehicle, while the Government retained 49% interest. The former stake was later taken over by Barr. (Dr) Jimoh Ibrahim (OFR) who has since become the core investor.
Nigeria Re is currently embarking on wide spread strategic repositioning leveraging on Information to automate all its processes.... read more