Rex Insurance appoints Richard Hardy as Non-Executive Director

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Chuks Udo Okonta

Rex Insurance Limited, Nigeria’s preferred insurance company, has announced the appointment of Richard Hardy as a Non-Executive Director to the Board of the Company, representing BlueOrchard Finance, one of the strategic investors in the company.

Speaking on this appointment, Ike Chioke, Chairman, Board of Directors, said, “I am delighted to welcome Mr. Richard Hardy to the Board of Directors at Rex Insurance. Mr. Hardy brings with him an exceptional wealth of experience, most notably from his leadership roles at BlueOrchard Finance in Zurich and Ethos Private Equity in Johannesburg.

“He has spearheaded major initiatives in risk management, product innovation and operational excellence, and as we continue our transformational journey—one focused on customer-centric solutions, digital adoption and market expansion—we will rely on his seasoned insights and strategic vision.

“We have already secured the regulatory no-objection approval from the National Insurance Commission (NAICOM), and I am confident that Mr. Hardy’s leadership will accelerate our progress. His presence on the Board will strengthen our corporate governance, sharpen our competitive edge and unlock new avenues for sustainable growth. Together, we will continue to create long-term value for our policyholders, partners and shareholders, positioning Rex Insurance at the forefront of the industry.”

As Rex Insurance continues its ambitious growth journey, we will be counting on his deep understanding of the insurance sector, demonstrated through his directorship roles in major African insurers and innovative insurtech firms, which is particularly aligned with our vision for the future.

Richard Hardy is a seasoned investment professional currently serving as Investment Director for African Private Equity at BlueOrchard Finance. In this role, he is responsible for sourcing, executing, and managing impact investments across the African continent for the Zurich-based firm.

Hardy brings a wealth of experience from his previous tenure as a Principal at Ethos Private Equity, a premier investment team in South Africa. During his seven years at Ethos, he played a key role in several landmark transactions, demonstrating expertise in deal origination, financial modelling, due diligence, and portfolio company governance. His significant achievements include leading the commercial due diligence for Virgin Active’s $350 million rights issue, managing the complex restructuring of Neopak, and contributing to the successful $450 million exit of iDwala Industrial Holdings.

His actuarial background, developed over five years with firms in South Africa and the United Kingdom, provides a strong foundation in risk assessment and financial analysis, which underpins his investment approach.

At BlueOrchard, Hardy leads investments for the InsuResilience Investment Fund (IIF). He has been the driving force behind IIF’s strategic investments into innovative financial technology and insurance companies, including: Vanguard Assurance – A major Ghanaian insurer; Pula – A Swiss-based provider of agricultural insurance in emerging markets; Fido – A Mauritian-headquartered fintech offering consumer credit in Ghana and Uganda; and Naked Insurance – A South African Insurtech providing digital personal lines insurance.

He actively represents the fund on the boards of these portfolio companies, often chairing critical committees such as Audit & Risk, ensuring robust governance and strategic oversight.

Hardy holds an MBA from the University of Cape Town and a Bachelor of Commerce in Actuarial Science from the University of Stellenbosch. He is based in Zurich and operates across BlueOrchard’s key African markets.

He was appointed to the Board of Rex Insurance Limited on August 18, 2025.

About Rex Insurance Limited (Rex):

Rex Insurance Limited is licensed by the National Insurance Commission (NAICOM) to offer the full range of general and special risks insurance products to the insuring public. With decades of experience in the Nigerian market, Rex Insurance has an enviable reputation for technical competence and financial strength.

With a vision of being the “Preferred Nigerian Insurance Company”, our strategic direction within the next 5 years is to focus on growth and profitability to grow the company’s gross premium written and be amongst the Top-Top-Tier general insurance companies in the market.

About BlueOrchard Finance:

BlueOrchard is a leading global impact investment manager dedicated to fostering inclusive and sustainable growth. Founded in 2001, the firm is a trusted partner for prestigious institutions worldwide, offering specialised investment solutions across private equity, credit and sustainable infrastructure.