The first insurance company to establish its branch office in Nigeria is?

A. Norwich insurance company
B. Royal exchange assurance
C. Yorkshire insurance company
D. phoenix of Nigeria assurance company

Correct Answer: Option B

B. Royal exchange assurance

Explanation

The Company started operations in Nigeria represented by Barclays Bank DCO in 1918. A branch of the then parent Company, Royal Exchange Assurance, London, (REA…), was then established in Lagos on February 28, 1921. REA was originally founded in 1720 and was one of the first two insurance companies to receive legal status by Royal Charter.