We commenced business as Nigeria’s first Energy-Focused Insurance Company, experts in first class underwriting solutions for offshore and onshore risks, as well as general insurance business. We established business in 1969 as Nigeria Exchange Insurance Company Limited. Over the years, we have been through series of transformations that have brought us where we are and shaped us into who we are today.
With a redirection of internal and external dynamics of the company, we focused our core business on a yawning gap in the insurance industry: Energy Insurance. In 2003 International Energy Insurance, IEI was born. This was followed by a major recapitalization, which was needed to meet the challenges of this new direction.
In 2007, after a successful private placement where it raised capital in the neighborhood of N7.7Billion, IEI became a Plc. Our authorized share capital is N8.5 Billion and N3.2Billion paid up and a shareholders fund of N9.3Billion as at 2009 financial year end.
The company’s security is backed by a consortium of local and foreign re-insurers.