International Energy Insurance Company Limited emerged in June 2003, when a group of investors and management acquired 70% of Global Assurance Co Ltd. The company at the time was 34 years old and was under the technical management of the National Insurance Commission (NAICOM).The new team redirected the internal and external dynamics of the company changing the core business focus to a yawning gap in the insurance industry– Energy Insurance. The company was subsequently recapitalised to N500 million to meet with the challenges of its new business focus. The company has since increased its authorised share capital to N6,000,000,000 comprising of 12,000,000,000 ordinary shares of 50 kobo.