Enterprise Insurance Company Limited is the pioneer in the insurance industry in Ghana having been in operation for the past 80 years. 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, which is currently the only insurance company listed on the Ghana Stock Exchange. Enterprise Insurance is a leading corporate Insurer in Fire, Marine, Motor and General Accident. EIC's history dates back to 1924 in the Gold Coast when it began as an agency started by the Royal Exchange Assurance (REA). EIC's first offices were where the current offices of the Institute of Chartered Accountants is situated on what was then Horse Road (and now Asafoatse Nettey Road). In 1952, after 28 years as an agency, the Royal Exchange Assurance registered as an insurance company in the Gold Coast to provide the full complement of life and non-life insurance business. During that period, another UK insurance firm, Guardian Assurance Company Limited (GAC), also opened offices in the Gold Coast. 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 Limited 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 the course of its operations, the company 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 Consortium House, on the High Street in 1973 which was later renamed Enterprise House as EIC acquired full ownership of Consortium House Limited. In 1972, further changes were to occur in the Insurance Industry with the promulgation of the Insurance (Amendment) Decree NRCD. 95. The GRE was required to and successfully sold 40% of its equity holding to the Ghanaian public in 1973. In another decree in 1976, SMCD. 31 the government acquired 20 per cent shareholding in all foreign insurance firms registered in Ghana. The Guardian Royal Exchange Assurance Group, therefore, sold a further 20 percent of its shareholding to the Government of Ghana, thus reducing the GRE?s shareholding to 40 per cent. Consequently the Guardian Royal Exchange Assurance (Ghana) Limited lost its subsidiary status and had its name changed to Enterprise Insurance Company Limited. From 1924 - 1980, the company was under the direct management of the UK Group and had a succession of expatriate Managing Directors. The first Ghanaian Managing Director was Mr. Andrew Cathline who managed the company for 10 years, from 1980 to 1990. He was followed by Mr. Osei Opoku from 1990 to his retirement in 1998. Mr. Opoku was succeeded by Mr. George Otoo, the current Managing Director.
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