Originally established for marine business, it expanded within a year to include fire and life assurance, thereby becoming Britain's first composite insurer. The establishment of its branch in Nigeria was the result of an overseas expansion drive in the early 20th century. 

Royal Exchange entered into a merger with African Prudential Insurance Company Limited and Phoenix of Nigeria Assurance Company Plc. The merger brought about a significantly stronger Royal Exchange, better positioned to serve the needs of its clientele in the financial services sector. Royal Exchange, previously registered in compliance with the provisions of the Insurance Act 2003, as a composite insurer of life, general and special risks, substantially re-organized itself into a group holding company in 2007 , to properly position itself as a broad based, financial services provider. 

Consequently, the general and special risks insurance business was demerged into a wholly owned subsidiary, Royal Exchange General Insurance Company Limited, whilst the life assurance business was transferred to another wholly owned subsidiary, Royal Exchange Prudential Life Plc. Two additional, wholly owned subsidiaries, Royal Exchange Finance & Investment Limited and Royal Exchange Healthcare Limited were also established as part of the overall diversification strategy. 

More recently, Royal Exchange Asset Management was established to offer a broad range of asset and wealth management services to both our individual and corporate clients. The Royal Exchange brand is one that we are justifiably proud of and we will ensure our relevance in the environment in which we operate by continuously focusing on customer service and product enhancement, our technology platforms and our human capital.