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  • FBS Re gets new MD, others

    FBS Re gets new MD, others

    FBS Re has appointed some directors and senior management staff members.

    In a statement, the reinsurance firm said Mr. Ganiyu Musa becomes the new Managing Director/Chief Executive Officer.

    FBS Re expressed its gratitude to Mr. Fola Daniel, the company’s founding CEO, for his visionary leadership and dedication. It read: “Under his sterling stewardship, FBS Re earned a Gross Written Premium of over N33 billion within only three years.  As Fola steps down, we are excited to welcome Mr. Ganiyu Musa as the new Managing Director/Chief Executive Officer of FBS Re.’’

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    Musa has a track record of several decades in insurance, reinsurance, audit, and consulting institutions.

    Also, Mr. Steve Kyerematen retired as the Chief Operating Officer.

    The new Executive Director (Technical) is Shola Ajibade. Shola has demonstrated exceptional technical expertise and a deep understanding of the markets.

    The company’s Chairman, Alhaji Bala Zakariyau expressed the Board’s appreciation to the retired directors and welcomed Musa.

    The appointments have been approved by the National Insurance Commission (NAICOM), the statement added.

  • FBS Re, Munich Re train insurers, brokers

    FBS Re, Munich Re train insurers, brokers

    FBS Reinsurance and Munich Reinsurance of South Africa have conducted training on Fire Insurance and Reinsurance Accounting for insurers and brokers across five countries in Africa.

    The three-day training held in Lagos, had both physical and virtual participants drawn from Nigeria, Ghana, Ivory Coast, Liberia and Gambia.

    Chief Executive Officer, FBS Reinsurance Fola Daniel, said the training was aimed at addressing technical knowledge gaps in the insurance industry, stressing that a good number of underwriters presently rely on software applications to do their underwriting and that experienced driven underwriting is fast fading away.

    He said in an era of Artificial Intelligence, there is virtually no subject that cannot be interrogated and an answer attained, but insurance practitioners still need experience, as there are aspects of insurance that artificial intelligence cannot do for them. “For instance, marketing. People need to see your face; you need to talk about the company profile.

    “You can do that in print, but it creates a better impression when they meet you, speak with you and ask questions whose answers cannot be obtained from the publications on your website. So, the purpose of this training, having recognised the knowledge gaps, in the Nigerian and other African markets, is to bridge the technical knowledge gaps, thus, impacting the much-needed knowledge,” he added.

    Read Also: NAICOM: insurers surpass N1 trillion gross premiums in Q4 2023

    On expectations from the training, the FBS Reinsurance boss expressed optimism that participants would be better informed, adding that though the training didn’t cover every facet of technical insurance, it focused on fire insurance, consequential loss and a bit of reinsurance accounting.

    Director Regional Non-Life Munich Reinsurance, Philippe Kanga, said they are here in Lagos to partner FBS In terms of improving as part of our strategy and skills in the market.

    He said Munich Re has been doing business in Africa for over 50 years and has existed for over 150 years globally.

    He pointed out that Nigeria has been one of their key markets as a leading economy and we believe that we have to be involved at least to continue to build a relationship and partnership with the Nigerian market.

  • FBS Re makes case for orphaned children

    FBS Re makes case for orphaned children

    FBS Reinsurance Limited has called on Corporate bodies and individuals to adopt the care of orphaned and other vulnerable children as its Corporate Social Responsibility (CSR).

    Chief Executive Officer (CEO), FBS Re, Fola Daniel said the mission of the organisation is to identify with people oriented programs.

    He said the major cause of insecurity in the country is mostly children left to roam the streets without care and love, this he said, are easily turned into the army of Boko Haram and other insurgents.

    Daniel said this in Abuja when he and his team visited the Heritage home orphanage in Gwarimpa and the Halal Children’s home in Life camp.

    The team visited with mattresses, bedding, standing fans, Mill grinding machines, money, toiletries and food items.

    The CEO said, “Our mission is to identify with people oriented programs. The less privileged in our society are many with children being the most vulnerable, so we think that the entry point of our Corporate Social Responsibility (CSR) should begin from the children which is why we are at an orphanage and also to show support to people who have given their lives to looking after other people’s children.

    “If we take care of the less privileged in our society from the root which is the children, they would grow up to know and give back love. Some of these children roaming the streets are the army of Boko Haram, most of them did not know love or care.

    “If we begin to sow the seed of love to children like this they would grow up to affect the society in a positive manner. I am calling on other organisations to join hands with us to help the vulnerable in the society and by doing so, Nigeria would be a safe place because if we do not, we would be developing an army of the bandits of tomorrow and we would not enjoy the comfort of our homes.

    Read Also: FBS Re grows gross written premium by 110%

    “Which is why when you go around our houses, you find iron bars around it like a prison because we do not feel safe and it’s because some of us neglected to look after the vulnerable in our society, if we had done this, maybe Nigeria would have been a safer place.”

    He called on other cooperate institutions and private individuals that are privileged is to sow a seed of love to orphanages because they need to be supported.

    Daniel said we cannot keep waiting for the government to do everything because we are actually the government, no government however rich can take care of all the needs of the society. So we need to join hands to ensure they are taken care of.

  • FBS Re grows gross written premium by 110%

    FBS Re grows gross written premium by 110%

    FBS Reinsurance Limited (FBS Re) has recorded a performance of N16.6 billion gross written premium, in its second year of operation.

     In the company’s 2022 financial report released at its Second Annual General Meeting (AGM) in Abuja, FBS Re grew its gross written premium by 110 per cent to N16.589 billion from N7.906 billion recorded in 2021.

    Its underwriting profit also grew by 545 per cent from N813 million in 2021 to N5.244 billion, which according to the company was driven by prudent risk management and operating costs. Chairman, FBS Reinsurance Limited, Alhaji Bala Zakariyau, who announced the performance at the event, said FBS Re’s financial performance just in its second year of operation is a testament to the resilience of its applied business model. He said despite environmental challenges, the company gained positive results in the critical areas of market share growth and profitability.

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    Zakariyau also said the company achieved an investment income of N1.050 billion in 2022 financial year, as against N275 million in 2021.

    Profit after tax rose to N2.491billion, a 544 per cent increase from N387 million achieved in 2021, the chairman further said.

    Zakariyau said: “I am particularly pleased to report that the results were achieved mainly by delivering better services to our cedants and brokers. We shall continue to keep our promises, as has been anointed in our name – ‘For Better Services’ and create sustainable value addition for all our stakeholders.

    “Territorial distribution of premium of the company shows that Nigerian market contributed 69 percent of the total, followed by Ghana market with 17 per cent, while Francophone and rest of Africa contributed five per cent and seven per cent.”

    The chairman also hinted that FBS Re will be embarking on a guided expansion program into other markets and territories outside its traditional Anglophone Zones.

    “This expansion will focus on Central, East and Southern African territories as we continue to study the North African markets.

    “Our risk appetite will determine the expansion initiative and ease of doing business in the selected territories. It will also be in line with the overall corporate objectives of sustainable profitability and delivery of better alternative services to African cedants,” he said.

    Zakariyau also noted that reinsurance is a capital-intensive business. Accordingly, the Board has prioritised raising adequate capital funding, to support the planned rapid market share growth.

    FBS Re authorised and issued shares has been increased from N10billion to N20 billion, and the Board has commenced working with strategic investing partners to raise the needed additional capital, he added.