The history of GUINEA INSURANCE PLC dates back to the year 1948 when British West African Corporation Limited (BEWAC) opened an Insurance Department and became Chief Agents in Nigeria for Legal and General Assurance Society Limited of London. In 1950, the Agency was extended to Norwich Union Fire Insurance Society Limited, United Kingdom. In response to Business Growth and to maximize available opportunities, Legal & General Assurance Society Limited, Norwich Union Fire Insurance Society Limited, Northern Region Development Corporation Limited and British West African Corporation Limited jointly incorporated an insurance Company.
Thus, Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51% majority shares before the indigenization decree of 1976, reversed the holding to 60% Nigerian interest, 40% overseas. The Overseas Shareholders divested their 40% holding to existing Nigerian Shareholders in 1988 thereby making the Company 100% Nigerian.
After the 2007 Recapitalization exercise in the industry, Guinea Insurance Plc is licensed by the National Insurance Commission (NAICOM) to operate as an Insurer for all classes of General Insurance business. A copy of our new license is enclosed herewith; now, the Company has been fully restructured and repositioned to meet the ever-changing needs of our numerous customers as well as the challenges of the new millennium.
GUINEA INSURANCE PLC is now managed by a crop of highly skilled and committed professionals, driven by modern technology and supported by vibrant and resourceful Board of Directors led by Sir Emeka Offor [KSC]. The company is positioned to provide excellent insurance services of global standard that yield high value-added to our numerous customers.
The Head Office centrally located at Guinea Insurance House, 33 Ikorodu Road, Jibowu, Lagos together with the wide range network of branches spreading all over the country, we are poised to serve you better.