The need for reinsurance coverage of risks underwritten by insurance companies throughout the world more especially in Africa, is on the increase. In recent years, non-life reinsurance premiums have increased faster than insurance premiums which have almost quadrupled world-wide after the attack on World Trade Center in September.
Mr. Adeyemo Adejumo, managing director of Continental Reinsurance Plc said that CRe is making impact in the reinsurance business in Africa.
Adejumo said that with up to 60 per cent foreign ownership and 40 per cent local, the firm has continued to remain on the path of good corporate governance to accomplish all that it represents today.
He said, â€œContinental Re is a company which is currently occupying a pride of place not only in the Nigerian insurance market, but also in the African continent and across the globe.â€
According to him, â€œIt has transformed into a world-class company that is professionally and efficiently managed with cutting-edge information and communication technology infrastructure at its disposal.
Adejumo said the company has spread around the entire African continent, just as it enjoys affiliations and partnerships with certain European and Asian businesses.
He said the firm was poised to become a major player in Nigeria, emerging as a dominant force in the reinsurance industry.
The Continental Re boss also outlined some of the challenges of delivering the companyâ€™s promises to its investors.
These include the full embrace of ICT to enhance speed, accurate and real-time reporting of performance and delivery indices; identification and appreciation of global codes of corporate governance; building a formidable reserve of human capital in order to harness the avalanche of opportunities in core technical areas of the companyâ€™s operations such as oil and gas.
The CRe boss said, â€œThe relationship with our offshore shareholders had been very good.
They came in at a time when the perception of Nigeria was taking a good turn. We have in the past made good our promises and will continue to maintain and improve on the level of confidence reposed in the company by both foreign and local investors.â€
The reinsurerâ€™s expansion drive to other parts of the African continent began in January 2005, when it opened a business office in Douala, Cameroon. It also has offices in Nairobi and Tunis, Tunisia.
According to the statement, since treaty terms and conditions are negotiated in each individual case, Continental Re has built up a very high level of expertise in risk-appropriate underwriting.