(Ecofin Agency) - Luxembourg-based InsuResilience Investment Fund, managed by BlueOchard Finance, is acquiring 39.25% shares in the capital of Nigerian insurer Royal Exchange General Insurance Company Limited (REGIC).
Money generated through this operation will enable the non-life insurance company to reinforce its services and products targeting agriculture players in Nigeria. “The company is uniquely positioned to capture the opportunity presented by 30 million under-insured small-scale farmers in Nigeria. In the midst of the Nigerian economy rebalancing its major economic sectors, REGIC has repositioned itself to meet the ever-changing needs of their clients to take full advantage of the opportunities that arise in the agriculture space,” said Ernesto Costa, Senior Vice-President Private Equity at BlueOrchard.
In Nigeria, the insurance market very often excludes small farmers because of high premiums charged by insurers, the International Finance Corporation reported in a March 2019 article. Yet, these actors, who operate in large numbers in the agricultural sector, could benefit from tailored insurance services.