FBS Re a new reinsurer in the African reinsurance turf barely nine months in operations and registered head office in Abuja, is on the up swing asserting the prominence of long established reinsurer with a rare $55million retrocession capacity from Munich Re.
The endorsement which covers fire is an FBS Re only addition to the retrocession market in the continent, and it sprouts from the fallout of top level discussion to get the global reinsurer equity participation but could not click due to local currency poor yield after forex conversion as returns on investment. However, the pool of high calibre insurance and reinsurance professionals by FBS Re with experience accumulated across regions earned it the retrocession.
The company which has its control centre in Lagos is to establish Accra office and that would be operational by January 2022. One of the promoters of the company, former Commissioner of Insurance, National Insurance Commission, Mr Fola Daniel, is the managing director spinning the wheel of innovation to deliver sustainable value; another, Mr. Steve Krematen will be at Accra as the chief operating officer. He is also a seasoned reinsurer with profound working period in African Re, Munich Re Africa Ghana and successful reinsurance operations within the west Africa sub region.
On side-lines at the concluded 47th African Insurance Organisation in Lagos, Krematen said the Munich Re retrocession capacity to absorb high risks has become a selling proposition for FBS Re, giving the relative new reinsurer the strength that is supported By Munich Re to provide reinsurance solutions to that level of risk dynamics.
Stepping up the industry in Africa, he said what the continent insurance/reinsurance industry needs is cooperation within and across regions. He reiterates that there is so much the players in the continent can do if there is cooperation and collaboration.
Players in the continent he maintained, should not act like silos, keeping to themselves but should navigate the terrain of of cooperation and collaboration to get the full benefits for the African continent.
On account of this, he said the African Continental Free Trade Area (AfCFTA), offers a tremendous potential to the African insurance sector to grow and and nations and corporate bodies should be tough with the push to roll the commencement, and, the insurance industry should support Africa economic development and trade with insurance services and risk solutions.
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