By Alex C
Continental Reinsurance plc has said it is evolving a programme that would strengthen local capacity and foster its rapid growth and expansion plans in Africa. A statement from the firm states that the focus is to build financial and technical capacity in local markets in order to build on its pan-African commitment as it expands in Africa.
Femi Oyetunji, group chief executive officer, Continental Reinsurance, says “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.”
Continental Reinsurance aims to localise market development and wants to bring its pan-African strengths to new locations, as part of its strategy of continued expansion.
It says a sustainable presence bodes for acceptance in these new markets and its dedication to pan-African growth will be facilitated in return.
With business activities in more than 46 countries across the continent, the firm intends to use its subsidiaries as hubs. It aims to 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 says.
The company’s customer management is rated very highly and the business remains fully focused on local and pan-African clients and the African continent. By localising its pan-African commitment, it intends to create a virtuous circle of stronger local relevance, services and market development.
The firm is the only African reinsurer who is a signatory of the Principles of Sustainable Insurance of the United Nations Environment Programme Finance Initiative. It emphasises that this new brand strategy is aimed to deliver substantial value across the continent, to help advance world-class standards in environmental, social and governance focus areas, through localisation that is true to its pan-African commitment.
Continental Reinsurance is a private-sector reinsurer in Africa, and offers non-life and life reinsurance services to African insurers. It is rated B+ (Good) by AM Best for financial strength and credited for robust risk-adjusted capital.