We commenced operations on January 1st, 1978 as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria. The purpose for the establishment of the Corporation was to stem the outflow of funds in form of reinsurance premiums, by accepting legal cession of all local insurance policies and writing inward international reinsurance businesses.

In 2002, the Corporation was transformed from being a Federal Government wholly owned corporation to a privatized company with the government retaining some shares. From the N1, 500,000 take off capital granted the Corporation by the Federal Government of Nigeria, it has today an authorized share capital of N7,500,000,000 at 50k each with an issued and fully paid up capital of N6,000,000,000 at 50k.