AfricInvest’s FIVE takes minority stake in Nigerian insurer

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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.

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