AfricInvest’s FIVE takes minority stake in Nigerian insurer

Image Credit: Pixabay

FIVE, AfricInvest‘s evergreen financial services platform, has made its first investment in the insurance sector, acquiring a minority stake in one of Nigeria’s largest non-life insurers. The private equity firm is investing an undisclosed amount of capital in Royal Exchange General Insurance Company (REGIC) alongside BlueOrchard Finance‘s InsuResilience Investment Fund in support of the company’s expansion plans. As part of the deal, Mehdi Gharbi, a Senior Partner at AfricInvest and a Co-Head of FIVE takes a seat on REGIC’s board. Ernesto Costa, Head of Private Equity Investments at BlueOrchard joins him.

The capital will be used to support the rollout of REGIC’s new strategic plan. The company aiming to widen its customer base through a combination of investments in its digital offering as well as its retail strategy. The firm is placing a particular emphasis on strengthening its positioning and offering to customers in the insuretech and agribusiness sectors.

To read this article, you must be a paid subscription member. (Current members login here)

\"\"

Reserve your digital subscription today

Join now for $35 per month

Join now for $395 per year

for access to:

  • Weekly newsletter with original and curated news, analysis and perspective
  • Africa’s private capital deals, fund raises and the investment firms and executives involved
  • Portfolio company news that impacts value and stakeholder participation
  • Job moves and partnerships between leading market participants
  • Exclusive access to Africa Capital Digest’s full content archive

If you’d like more information on exceptional value group subscriptions for your colleagues and teams, please contact Teresa Hall at thall[at]africacapitaldigest.com today.