Sefton Fross has advised Royal Exchange General Insurance Company Limited (REGIC) on the InsuResilience Investment Fund’s (IIF) agreement to acquire a 39.25% stake in REGIC. The investment has been approved by the National Insurance Commission.
REGIC, a subsidiary of Royal Exchange Plc, is a leading player in agriculture insurance. The proceeds of the investment will help REGIC to spur growth by increasing its risk capital and supporting its underwriting capacity in agriculture, thereby extending its outreach to low income farmers.
The acquisition announcement was made on 18 July, 2019 on the Nigerian Stock Exchange website.
Sefton Fross acted as legal advisor and Alkebulan Ltd acted as the financial and corporate advisor to REGIC. Udo Udoma & Belo-Osagie acted as legal advisor and Ernst & Young Nigeria acted as the financial due diligence advisor to IIF.