REX Insurance Names Hardy as Non-Executive Director to Strengthen Corporate Governance

REX Insurance has announced the appointment of Mr. Hardy as a non-executive director, a move seen as part of its broader strategy to deepen corporate governance, enhance oversight, and drive long-term growth in Nigeria’s evolving insurance market. The company, which has been expanding its retail and corporate insurance offerings, described the appointment as a significant step toward reinforcing its board with experienced professionals capable of guiding the firm through both industry challenges and emerging opportunities.

According to a statement from the company, Hardy’s appointment comes at a time when the Nigerian insurance industry is undergoing rapid transformation, with regulatory reforms, digital adoption, and rising competition reshaping how companies operate. By bringing in an experienced non-executive director, REX Insurance seeks to improve strategic decision-making at the board level, ensure compliance with industry regulations, and strengthen investor and customer confidence.

Industry observers note that Hardy’s appointment is consistent with global best practices, as non-executive directors play a critical role in providing independent judgment, reducing governance risks, and ensuring accountability within organizations. In an environment where the National Insurance Commission (NAICOM) has been pushing for higher corporate governance standards, the move signals REX Insurance’s commitment to transparency and sustainable business practices.

Hardy brings with him a wealth of experience from both the financial services and corporate management sectors, where he has held various leadership and advisory roles. His track record in steering organizations through complex operational landscapes is expected to help REX Insurance refine its long-term strategy and align more closely with market realities. Stakeholders within the company believe that his presence on the board will add fresh perspectives to critical issues such as risk management, capital adequacy, and sustainable growth.

The Nigerian insurance industry has been facing both opportunities and challenges in recent years. On one hand, the country’s low insurance penetration—estimated at less than 2%—offers immense potential for expansion. On the other hand, consumer trust, weak enforcement of compulsory insurance, and limited product innovation have hindered faster growth. Against this backdrop, companies like REX Insurance are positioning themselves to build stronger brand credibility and widen their market share.

REX Insurance has recently made significant efforts to expand its retail footprint, increase awareness of insurance products, and tap into underserved segments of the population. With Hardy’s appointment, analysts expect the company to pursue more aggressive product development strategies, including digital-driven solutions that can attract younger and tech-savvy consumers. The integration of innovative insurance technology (insurtech) into operations has already been identified by stakeholders as key to improving efficiency, reducing costs, and broadening access.

In addition, the appointment is likely to bolster REX Insurance’s engagement with regulators, investors, and other industry stakeholders. Non-executive directors often act as bridges between the company and external stakeholders, ensuring that the business operates with integrity and aligns with the expectations of the wider financial ecosystem.

Corporate governance has been a central focus for NAICOM, which has in recent months intensified calls for insurance companies to strengthen their boards, improve disclosure practices, and adopt long-term risk management frameworks. With Hardy on board, REX Insurance appears to be signaling its readiness to meet these regulatory demands and stay ahead of industry expectations.

The appointment also comes at a period when insurance firms are under pressure to contribute more to Nigeria’s economic resilience. With growing risks from climate change, rising health costs, and increased demand for business protection, insurance providers are expected to play a greater role in stabilizing households and enterprises. Strengthened leadership at the board level is seen as crucial to meeting these responsibilities.

For customers and clients, the move could translate into more reliable services, improved claims management, and greater innovation in products tailored to local needs. For employees, it may signal renewed organizational direction and stronger support for internal capacity-building.

In conclusion, the appointment of Hardy as non-executive director reflects REX Insurance’s determination to strengthen its leadership structure and position itself for sustained growth in a competitive environment. As the Nigerian insurance industry continues to evolve, the company’s ability to combine governance reforms with innovation and market expansion will determine its success in capturing new opportunities. Hardy’s experience and independence are expected to be valuable assets in ensuring REX Insurance delivers on its vision of becoming a trusted and leading insurance provider in Nigeria.