Nnamdi Duru
Continental Reinsurance Plc, one of the two registered reinsurance companies in the country, said it is in the process of shoring up its brand with the aim of fostering rapid growth and expansion across the African continental market.
The Group Chief Executive Officer of the company, Dr. Femi Oyetunji made this known in Lagos recently.
He said the new focus of the firm would help the firm build financial and technical capacity in local markets with a view to building a pan-African commitment from its stakeholders as it expand across the continent.
“We remain true to our mission of being the premier pan-African reinsurer, committed to the long term prospects of the continent. We are now stepping up how we translate this commitment to build local capacity and provide local solutions, which combined will result in industry-wide development,” he said.
According to him, the reinsurance firm hopes to localise market development and bring its strong points to bear on new locations as it strategises to expand its operations across the continent.
A sustainable presence bodes for acceptance in these new markets and its dedication to pan-African growth will be facilitated in return, he added.
Oyetunji said the reinsurer, which is currently operating in more than 46 countries across the continent, planned to use its subsidiaries as hubs and build local markets by employing highly skilled local professionals with strong local market knowledge and experience.
“We see localisation as a way to grow the market, but also to develop solutions that are more apt for the local market, and to ensure sustainability and responsible local corporate citizenship in the markets we operate in.
“It is also about making sure our staff understand the needs of their clients in their local markets the best, and are able to serve them well, both in terms of customer-centricity and proximity,” Oyetunji said.
He said the firm’s customer management was rated very high and the business is focused on local and pan-African clients and the African continent.
By localising its African commitment, the company hopes to create a circle of stronger local relevance, services and market development, he added.
A private-sector reinsurer in Africa, Continental-Re provides life and non-life reinsurance protection to insurance companies across the continent. It is rated B+ by A.M. Best in recognition of its financial strength and robust risk-adjusted capital.
The company operates in more than 44 African countries and maintains regional offices in Douala, Cameroon, Abidjan, Cote d’Ivoire, Tunis, Tunisia and Gaborone in Botswana. This is in addition to a fully licensed subsidiary, Continental Reinsurance Limited, in Nairobi, Kenya.
Continental-Re started operations in 1987 and listed its shared on the floor of the Nigerian Stock Exchange in 2007. It is the only African reinsurer that is a signatory of the Principles of Sustainable Insurance of the United Nations Environment Programme Finance Initiative.
Its new brand strategy aims at delivering substantial value across the continent, advancing world-class standards in environmental, social and governance focus areas through localisation that is true to its pan-African commitment.
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