Rex Insurance Meets NAICOM Capital Requirement, Eyes Growth

By LOVETH-AZODO CHIJIOKE, Lagos

Rex Insurance Limited has emerged among the insurance companies that have met the new minimum capital requirement prescribed by the National Insurance Commission (NAICOM) under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, positioning the company for expansion as the industry enters a new phase of post-recapitalisation growth.

The company said this in a statement signed by its Head, Corporate Communications, Wilson Okoh-Esene, it stated that compliance with the new capital threshold reinforces its financial strength, enhances its underwriting capacity and strengthens its ability to deliver greater value to policyholders and other stakeholders.

The announcement followed NAICOM’s publication of insurance companies confirmed to have complied with the new capital requirement after the conclusion of the industry’s recapitalisation exercise.

Commenting on the milestone, Managing Director/Chief Executive Officer of Rex Insurance, Mrs. Ebelechukwu Nwachukwu, described the achievement as a major turning point in the company’s growth journey.

According to her, meeting the new capital requirement demonstrates the resilience of the business and reflects shareholders’ confidence in the company’s long-term strategy.

She said the stronger capital base would further reinforce the company’s capacity to honour its obligations to policyholders while positioning it for sustainable growth in an evolving insurance market.

Nwachukwu noted that the recapitalisation exercise marks the beginning of a new chapter rather than the end of a process, adding that the company is now focused on translating its strengthened capital position into improved customer value and operational efficiency.

She said the enhanced capital would enable Rex Insurance to increase its underwriting capacity, deepen investments in technology and innovation, improve customer experience and sustain operational excellence.

According to her, the company also remains committed to delivering smarter insurance solutions, maintaining prompt claims settlement and creating long-term value for customers, shareholders and other stakeholders.

She commended NAICOM for its leadership in driving the recapitalisation programme, describing the exercise as a significant step towards building a more resilient, competitive and inclusive insurance industry.

The company also expressed appreciation to its shareholders, board of directors, employees, customers, brokers and business partners for their support throughout the recapitalisation process.

Rex Insurance said its immediate focus has shifted from achieving capital adequacy to sustaining capital strength through disciplined execution, profitable growth, continuous innovation and improved customer service, while reaffirming its commitment to providing reliable insurance solutions and strengthening its position as a trusted insurance partner.