Enterprise Insurance Company Limited is the oldest insurance company in Ghana having been in operation since 1924. It takes its roots from the Royal Exchange Assurance Corporation of the United Kingdom, which commenced business in the Gold Coast in 1924, then became Guardian Royal Exchange Assurance Ghana Limited, (GREG) and subsequently, Enterprise Insurance Company Limited.
Enterprise Insurance is a leading Insurer in Fire, Marine, Motor and General Accident.
Enterprise Insurance's first offices were located at the current offices of the Institute of Chartered Accountants on what was then Horse Road (and now Asafoatse Nettey Road). In 1952, after 28 years as an agency, the Royal Exchange Assurance was registered as an insurance company in the Gold Coast to provide the full complement of life and non-life insurance business.
In 1965, the Insurance Act of 1965 (Act 288) was enacted. Section 9 of the Act barred all non-domestic insurance companies from insuring Ghanaian lives.
The Royal Exchange Assurance consequently transferred its life business to the Crusader Insurance Company (Ghana) Limited, thus becoming a purely non-life insurance company for the first time.
In 1969, there was a merger between the Royal Exchange Assurance Corporation and Guardian Assurance Company (GAC) in the UK to form the Guardian Royal Exchange Assurance Group (GRE). Consequently, a new company, the Guardian Royal Exchange Assurance (Ghana) Limited (GREG) was incorporated in Ghana in 1971, and owned wholly by the new UK parent company to continue with the insurance business of the former REA and GAC. In 1977, the company’s name was changed to Enterprise Insurance Company and in 1990 it become one of the first companies to be listed on the Ghana Stock Exchange.
The company continued to grow in leaps and bounds and in 2000, Enterprise Life was established, born out of a partnership between Enterprise Insurance and Africa Life of South Africa.
In August 2010, the Board and Management of Enterprise Insurance Company (EIC) on August 12, 2010, were given the mandate by their shareholders to re-organize Enterprise Insurance Co Ltd and the relationship between the company and its subsidiaries.
The reorganization involved the creation of a holding company Enterprise Group Ltd (EGL) to own EIC and its subsidiaries.
In the course of its operations, the company has moved a number of times: GREG moved from Horse Road to the Bank of Ghana's premises on Thorpe Road; then to Alagbon House opposite the Makola Fire Service Station.
From there the company moved to the A.G. Leventis building which later became GNTC's Ghana House and finally to its current offices in Consortium House, on the High Street in 1973 which was later renamed Enterprise House as Enterprise Insurance acquired full ownership of Consortium House Limited.
Enterprise Insurance is Ghana’s largest private insurer with its head office located at Advantage Place, Mayor Road, Ridge-West, Accra.