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By Favour Nnabugwu

Close to 35 years of its existence in Lagos, Nigeria, Continental Reinsurance announces the retirement of Dr Femi Oyetunji, the out going Group Managing Director of the company come March 31, 2021.

According to Oyetunji, 2020 was one of the most challenging years ever experienced globally, following the Covid-19 pandemic. “We faced daunting business conditions, but our teams responded with the enterprise and commitment I have come to expect.  We boldly adapted to the business environment and embraced a range of new opportunities.”

The announcement coincides with the publication of an independent brand survey by Kantar that recognised Continental Re as a truly credible pan-African company.  Conducted in six representative markets, the survey shows that the company exceeds the global reputation benchmark.

“It was gratifying to obtain an overall score of 79 points which is above the global benchmark of 73.  Now, however, our goal is to keep pushing higher”, said Dr Femi Oyetunji.

Not just a marketing exercise, the study is the result of a 360-degree assessment of all aspects of the business.  Reputational gains can clearly be attributed to a successful “inside/out” thinking that considers employees the very foundation and starting point of sustainable business planning.

Today’s announcement was further marked by the opening of the company’s headquarters in Lagos, Nigeria.

Speaking during the unveiling ceremony, Chief Ajibola Ogunshola, Chairman, Continental Reinsurance Plc said, “The new headquarters is a milestone in Continental Re’s ambitious long-term plans.  It is a physical manifestation that positions the company at the heart of Africa’s largest economy. Both the brand survey and the unveiling of the new headquarters coincide with the imminent retirement of Dr Femi Oyetunji, Group Managing Director who has provided decade-long transformational leadership to Continental Re. Dr Oyetunji retires on 31 March 2021.

He leaves a strong legacy of significant contributions that will live on in the company for many years to come.  His key achievements include landing an aggressive strategy to position the company as a pan-African brand with a strong presence across six key geographical locations; under his leadership, revenue grew fivefold, profitability threefold, and productivity more than doubled, along with the transformation of the company’s culture, processes, and standards.  He has collaboratively led the creation of an enabling environment for thought leadership and sound corporate governance agenda in the industry on the African continent.

Commenting on his retirement, Dr Oyetunji said, “We’re passing the leadership on to the next generation. They will be faced with new and sometimes unprecedented challenges but in their stewardship is a company that has a rich legacy.  Our predecessors and ourselves have created a strong foundation; I am confident that my successor will raise the company to lofty heights.”

“It is symbolic that the opening of the new headquarters coincides with the passing of the baton.”

Patoma Admin by — March 4, 2021 in Insurance 0

Allianz is buying Aviva’s Italian P&C operations for €330million, with the deal expected to close in the second half of this year.

The acquisition of Aviva Italia includes its 500 agents and will consolidate Allianz’s position as the third-largest player in the Italian P&C market.

The Aviva Italia portfolio is equally distributed between motor and non-motor business, with gross written premiums of about €400m.

“With its strong focus on customer satisfaction and distribution excellence, Allianz is committed to ensuring a smooth transition for both clients and agents. The similarity of the business models, combined with strong investments in technological innovation by Allianz in recent years, are key elements to drive the effective integration and joint growth,” said the German insurer on the deal.

Giacomo Campora, CEO of Allianz Italia, said the acquisition fits with its strategy for growth based on a solid technical platform and continuous investments.

Patoma Admin by — March 4, 2021 in Insurance 0

By admin

The Board of Continental Reinsurance Plc is pleased to announce Mr Lawrence Mutsunge Nazare’s appointment as the Group Managing Director of the Company, effective April 1, 2021.

Dr. Femi Oyetunji will retire on March 31, 2021 and will support the transition process during this period.

The Chairman of the Board of Directors Continental Re , Chief Ajibola Ogunshola, said “Dr. Oyetunji has remarkably served as Group Managing Director since 2011 and leaves a strong legacy of significant contributions that will live on in the company for many years to come. His key achievements include landing an aggressive strategy to position the company as a pan-African brand with a strong presence across six key geographical locations; under his leadership, revenue grew fivefold, profitability threefold, and productivity more than doubled, along with the transformation of the company’s culture, processes, and standards. He has collaboratively led the creation of an enabling environment for thought leadership and sound corporate governance agenda in the industry on the African continent.

Speaking on Nazare’s appointment, which the National Insurance Commission (NAICOM) has approved, Chief Ogunshola said, “The Board is pleased that following a rigorous selection process, Mr Lawrence Nazare, was chosen to lead Continental Reinsurance Plc”.

“Mr Nazare, a seasoned insurer, has been on the Company’s executive leadership as Group Executive Director/Chief Operating Officer for over ten years. With more than three decades in the industry, he brings to the role a deep understanding and experience of our business, the industry and the markets in which we operate. He is an agile and purpose-driven leader with an impressive track record of delivering consistent, high-quality performance. The Board welcomes him to the role and wishes him a resounding success.”

Dr. Oyetunji remarked, “I congratulate Mr Nazare on his appointment. I know his commitment, and I am highly confident that Continental Re will continue to prosper under his leadership. His appointment demonstrates the strength of Continental Re’s succession planning and talent pipeline.”

Nazare said, “It’s an honour to lead a truly pan-African brand with capable teams across all our regions. Our focus will continue to be the provision of a unique offering to our clients and partners and the delivery of long-term growth and value to all stakeholders. Our people, our systems and processes that conform to global best practices, and our exacting standards and winning culture, are key factors that we leverage on.”

“I wish to extend my gratitude to Dr Femi for his outstanding leadership and mentorship, and I look forward to working with him closely during the transition.”

Mr Lawrence Mutsunge Nazare has over 30 years’ experience in the insurance industry. He started his professional insurance career with Zimbabwe Reinsurance Corporation in 1990. He then moved to Intermarket Reinsurance in 1999 and left as Managing Director in 2010 to join Continental Reinsurance Plc as the Group Executive Director/Chief Operating Officer.

Nazare has held key positions in the insurance industry, including Chairman of the Organization of Eastern and Southern African Insurers (OESAI) – 2012 to 2015; Chairman of Zimbabwe Association of Reinsurance Offices, 2001-2004; Chairman of Insurance Council of Zimbabwe, 2005 to 2008 and Executive Committee/Board Member of East & Southern African Insurers & Reinsurers – 2002 to 2018. He is also a member of the Institute of Directors, Nigeria.

Lawrence Mutsunge Nazare is married with children.

Patoma Admin by — March 4, 2021 in Insurance 0

By Favour Nnabugwu

Enterprise Life has began operation in Nigeria after the company was fully licensed by the National Insurance Commission in November 2020

The significant milestone in the Group’s expansion project into foreign markets, coming a few years after its first venture beyond the shores of Ghana, into The Gambia.

According to the Group CEO, Keli Gadzekpo, Enterprise Group PLC has had its eye on the Nigerian market for quite a few years, due to the strategic importance of that country to the economic development of the West African sub-region.

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Group CEO, Keli Gadzekpo

Gadzekpo further stated that while he is proud of the many successes the Group has chalked in Ghana and The Gambia over the years, there is something especially exciting about entering the Nigerian market.

It not only allows the Group to increase its international footprint, but it also gives opportunity for the Company’s expertise and experience in the insurance sector to be made available to a truly large market.

He further explained that since life insurance plays a unique role in multi-generational wealth creation and preservation, life insurance in Nigeria, the most populous nation in Africa, has great potential to act as a catalyst of change to end the cycle of intergenerational poverty in Africa.

Mrs Funmi Omo, Managing Director of Enterprise Life, Nigeria, disclosed that the aim of Enterprise Life is to expand the insurance net in Nigeria by offering innovative and relevant life insurance solutions, using a needs-based approach to sales.

She expressed confidence that the unique solutions offered by Enterprise Life will appeal to the large population of uninsured Nigerians, who to date have not had the opportunity to experience the peace of mind offered by insurance.

About Enterprise Group PLC

Enterprise Group PLC is a financial services company comprising five operating companies; Enterprise Insurance Company, Enterprise Life Assurance Company, Enterprise Trustees, Enterprise Properties and Enterprise Funeral Services Ghana trading as ‘Transitions – The Funeral People’. It is headquartered in Accra and has operations in The Gambia and Nigeria.

Enterprise Group PLC has a strategic partnership with Black Star Holdings Limited (BSHL), a wholly-owned subsidiary of Leapfrog Strategic African Investments (LSAI), which is a separate account managed by Leapfrog Investments, and in which Prudential Financial, Inc., USA (PFI) is the primary investor.

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Patoma Admin by — March 3, 2021 in Insurance 0

By admin

The Governing Board of the Nigerian Council of Registered Insurance Brokers (NCRIB) has endorsed the appointment of Tope Adaramola as the Executive Secretary/Chief Executive Officer of the Council.

He is expected to take over from Mr. Fatai Adegbenro, who retires from the Council in May, 2021.

Adaramola who is currently the Deputy Executive Secretary of the Council joined the NCRIB in 2004 as the pioneer Public Relations Manager.

A 1989 graduate of Political Science and Industrial Relations (MILR) from the University of Ibadan, Adaramola had earlier worked as a reporter with Ogun Radio, Abeokuta; served as Press Secretary to the Government House, Ogun State between 1991 and 1998, from where he joined the Nigerian Insurers Association (NIA) in 1998 as the second Public Relations Professional to be engaged by the Association.

While in the Council, Adaramola rose meteorically through the ranks and availed the entire industry his expertise in Public Relations and public speaking for which he was renowned.

He also avails the industry of his writing prowess as member of the editorial team of the Chartered Insurance Institute of Nigeria and the NCRIB and served on several Industry Committees, including the Insurance Industry Consultative Council (IICC). He was the pioneer Secretary of the Insurance Industry Image Committee.

Adaramola is a product of the European School of Protocol, a member of the Chartered Insurance Institute of Nigeria (CIIN) where he obtained professional certificate in insurance and has attended several courses and training in Insurance, leadership and management in Nigeria, Malta, USA, Canada, UK, South Africa and the Gambia.

He is expected to bring his rich social capital and leadership skills to bear in directing the affairs of the Council as the head of the Secretariat. Adaramola is married with children

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Patoma Admin by — March 2, 2021 in Insurance 0

The country’s pension asset under management, as of December 2020, stands at N12.3trillion which represents a modest growth of 20 percent year-on-year and 0.003 percent month-on-month (no significant change), according to the monthly report by National Pension Commission (Pencom).

According to the report, total RSA funds increased by 20% year-on-year while the funds under both existing schemes and Closed Pension Fund Administrator (CPFA) as well, grew by 21% year-on-year.

As of December 2019, investments in FGN Securities accounted for 72 percent of the total pensions assets fund, out of which 73 percent was invested in Bonds and 26 percent in Treasury Bills.

As of December 2020, investments in FGN Securities accounted for 66 prrcent of the total pensions assets fund, out of which 84 percent was invested in Bonds and a paltry 8 percent in Treasury Bills, which is not unrelated to the subsisting very low yield of TB in the money market.

The investments in FG Bonds represent 56% of the total pension assets fund under management. The renewed and increased investments in FG Bonds can be attributed to the attractiveness of the yields of FG bonds over the Treasury Bills.

RSA Fund II and III accounted for 89% of the total RSA funds and 69% of the total pension assets under management as of December 2020, while others – Funds I, IV and V accounted for 31%

All the RSA funds, including existing scheme and CPFA recorded year-on-year growth as follows: Existing scheme (13%), CPFA(28%), Fund I (49%), Fund II(19%), Fund III(21%), Fund IV(18%).

As of December 2020, only N80.54million was invested under the newest RSA fund (Fund V) – specifically created for micro pensions.

Patoma Admin by — February 26, 2021 in Others 0
Munich Re records 55% net profit in 2020

 

Dr Joachim Wenning, chair of the board of management at Munich Re

 

Munich Re reported a 55 percent fall in net profit last year to €1.2bn despite 18 percent growth in ERGO’s contribution to €517m, as the group was struck by €3.4bn of Covid-19 losses.

The group’s reinsurance business saw profit drop 69 percent to €694m in 2020, as the bulk of the group’s heavy Covid-19 losses hit the unit, with primary insurer ERGO reporting just €64m of pandemic claims.

CEO Joachim Wenning said “all the pieces are in place” for the group to return to pre-pandemic profit targets of €2.8bn in 2021. He said Munich Re would have met this target last year without Covid-19.

Munich Re’s combined ratio deteriorated to 105.6 percent last year from 100.2 percent. Major losses in excess of €10m each totalled €4.69bn for 2020 and €1.19bn for Q4.

The group said major loss expenditure at 20.8 percent of net earned premiums exceeded the long-term average of 12 percent. Covid-19 losses together with manmade claims totalled €3.78bn in 2020. But nat cat losses of €906m were lower than expected. Hurricane Laura was the costliest catastrophe of the year for Munich Re at €280m.

The group reported a drop of more than 2 percent in Q4 profit to €212m, on the back of a 35 percent fall in reinsurance to €75m, and an increase at ERGO to €136m.

For full-year 2020, ERGO was close to meeting its pre-pandemic original profit target of €530m after ERGO International saw its profit more than double to €230m from €105m, and its combined ratio improve to 92.7 percent from 94.3bpercent in 2019.

The group’s 2020 operating result dropped 42 percent to €1.99bn, after a 62 percent fall in reinsurance to €984m from €2.6bn in 2019.

Gross premiums written increased almost 7 percent to €54.9bn last year, driven by 10 percent growth in reinsurance business to €37.3bn, while ERGO recorded a drop of 0.5 percent to €17.6bn.

At key renewals in January 2021, Munich Re recorded an 11 percent increase in the volume of business to €11.6bn. Rates were up 2.4 percent across its global portfolio and terms improved, particularly in non-proportional business. Half of Munich Re’s P&C business was renewed in January and the group said it expects further rate hardening in April and July renewals.

Mr Wenning said Munich Re was still able to make a profit and return a dividend to shareholders in 2020, despite the impact of Covid-19. He said the group entered 2021 with confidence.

“Our reinsurance business is ideally positioned to resolutely exploit opportunities for profitable growth in the improved market environment. And ERGO is performing well following the successful conclusion of its strategy programme,” Mr Wenning said.

He added that the group will hold off from the launch of a new share buyback programme. “Our shareholders will benefit more from investments in the attractive business opportunities now emerging,” he said.

Moody’s analyst Christian Badorff said Munich Re performed better than some of its peers and benefited from ERGO as “a good diversifier in 2020”.

“In the recent P&C reinsurance renewals, Munich Re has been able to grow its book by 11 percent also benefiting from price hardening, and we think this will support underlying earnings in 2021. Group Solvency II at 208 percent continues to be strong, but we note a material weakening from the pre-crisis levels of 237 percent at year-end 2019, driven mainly by the growing book of business, low yields and increasing credit risk,” Mr Badorff said.

Patoma Admin by — February 25, 2021 in Insurance 0

By admin

AXA XL posted a €1.4bn underlying earning loss in 2020, from profits of €507m a year earlier, as Covid-19 and nat cat claims saw its combined ratio hit 112.2 percent

In full-year results, AXA XL also announced that it has entered into an adverse development cover (ADC) agreement with Enstar to provide up to $900m of protection against long-tail lines reserves for accident years 2019 and prior.

AXA XL’s 2020 combined ratio deteriorated from 101.5 percent in 2019 as the pandemic cost the unit about €1.7bn, and its nat cat claims were higher than normal. Excluding pandemic losses, the combined ratio would have been 102.5percent

The numbers come despite strong pricing improvement at AXA XL that helped revenues increase 3 percent at constant exchange rates to €18.53bn, although they fell 1 percent on a reported basis.

AXA XL Insurance achieved 17 percent price increases on renewals last year, rising to 22 percent in the fourth quarter. AXA XL Reinsurance saw price rises of 7 percent for the year and 9 percent at 1 January renewals, compared to 6 percent a year earlier.

Under the ADC deal with Enstar, AXA XL will obtain coverage for 90 percent of potential €1bn adverse reserve development. The protection attaches at $375m in excess of International Financial Reporting Standards reserves of $11bn.

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to finalise around the end of the first quarter this year.

But despite this, and a difficult 2020, AXA XL has reiterated its €1.2bn earnings target for 2021.

The performance at AXA XL contributed to AXA P&C’s underlying earnings falling 51% to €1.64bn, driven by P&C Covid-19 losses of €1.5bn. This is line with the company’s previous pandemic estimate.

P&C suffered €1.1bn of business interruption losses, €600m for event cancellation, €500m in other lines and €200m for solidarity payments. This was offset by about €800m of lower motor claims.

P&C was also affected by higher-than-normal nat cat claims of €502m that fell on AXA XL.

AXA said that excluding Covid-19 claims and assuming a normalised nat cat loss year, P&C underlying earnings were up 2 percent

P&C revenues were up 1 percent to €48.73bn, with commercial lines revenue up 2 percent to €31.7bn.

The P&C 2020 combined ratio was up 3.2 points to 99.5 percent, largely reflecting the impact of Covid-19 claims and higher nat cat charges. Excluding Covid-19 claims, the all-year P&C combined ratio was broadly stable at 96.4 percent

AXA Group’s 2020 under-earnings decreased by 34 percent to €4.26bn, driven by the 51 percent fall in P&C. AXA’s group net income was down 18 percent to €3.16bn.

AXA Group’s revenues were down 7 percent last year to €96.72bn, or 1 percent at constant exchange rates. This reflects growth of 4 percent in Q1, decline of 10 percent in Q2, a fall of 1percent in Q3 and an increase of 1 percent in Q4.

AXA’s CEO Thomas Buberl said: “The group’s underlying earnings were €4.3bn in 2020, notably impacted by €1.5bn of Covid-19-related claims, as previously communicated, and by higher natural catastrophes. We are confident in our earnings outlook and have set a 2020 starting base of €6.3bn underlying earnings for our 2021-2023 strategic plan targets.”

Patoma Admin by — February 25, 2021 in Insurance 0

Tangerine Life Insurance Limited, (previously known as Metropolitan Life Insurance Nigeria Limited), has, after a meticulous process, concluded its merger with ARM Life PLC.

Tangerine is owned by Verod Capital, a leading private equity firm investing in growth companies across Anglophone West Africa.

The key objective of the acquisition is to build a stronger, broader insurance and financial services platform, drawing on the strengths of both entities. Tangerine’s strength in the corporate market segment and ARM Life’s broad retail and annuity-based service offering.

Since it was first announced in February, 2020, both organizations have embarked on a rigorous exercise to evaluate their collective strengths and address any gaps, towards building an impressive new enterprise focused on digital first. The new entity will focus on impressing and satisfying customers with quality products and a superior customer experience.

Tangerine Life’s ethos and drive is clear in the words of Livingstone Magorimbo, Managing Director, Tangerine Life, “Integrating the businesses has presented us a tremendous opportunity to enhance our capabilities, improve operating efficiencies and grow our businesses.

At Tangerine Life, we will continue to innovate, drive positive change within the insurance industry and create tremendous value for our customers towards effectively positioning our business to stay ahead of the next wave of industry evolution.”

 The next phase of ARM Life’s rich retail and annuity heritage involves leveraging technology to better serve all stakeholders as evident in the words of Stephen Alangbo, (former Managing Director at ARM Life) and director at Tangerine Life “Innovation is paramount in ensuring customer satisfaction in today’s business landscape. We believe that the combination of both entities will ensure exceptional value creation for existing and new customers and partners”.

The merger places Tangerine Life firmly as the 4th largest life insurer in Nigeria and positions it for future growth.

Patoma Admin by — February 25, 2021 in Insurance 0

By Favour Nnabugwu

The Nigerian Council of Registered Insurance Brokers, NCRIB, has all insurance brokers to play by the rule with almost professionalism and integrity.

President of NCRIB, Mrs Bola Onigbogi who concerned by the reports on the Economic and Financial Crimes Commission (EFCC) against Bestworth Insurance Brokers over N26bn PHCN Severance benefit.

The NCRIB claimed Bestworth Insurance Brokers is not a member of the Council, adding that NCRIB dissociated itself the conduct of the company and its MD, Mr Abiodun Waheed Hassan.

According to her, “The fact is that the company is not a member of our Council and as such we dissociate ourselves from its alleged heinous unprofessional conduct, for which it is being investigated”

“This is a challenge to all members to play according to the rules and eschew acts that could jeapardise individual and corporate reputation of our companies and the Council”.

Explaining further, Onigbogi said, “It was alleged that the stashed funds was meant for payment of outstanding insurance premium and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN) into the corporate account of entities”

The Council however urged all members to play according to the rules and eschew acts that could jeapardise individual and corporate reputation of our companies and the Council
It will be recalled that EFCC arraigned Abiodun Waheed Hassan and his Company Bestworth Insurance Brokers  on February 25, 3020 before Justice S.C Oriji of the Federal

Capital Territory High Court, Apo, Abuja on a five count charge of alleged criminal breach of trust and misappropriation of funds to the
tune of over Twenty Six Billion Naira (N26billion).

The defendant allegedly diverted humongous sums of money earmarked for
the payment of outstanding insurance premiums and claims of deceased and
incapacitated staff of Power Holding Company of Nigeria (PHCN), into the
corporate account of entities.

Count one of the charge reads: That you, Abiodun Waheed Hassan, Director, Bestworth Insurance Brokersi Limitedand  on or about 15th January 2015, in Abuja within the jurisdiction of the High Court of the Federal CapitalTerritory, while being entrusted with certain property to wit: thebsum of N26,236,594,986.00 (Twenty-six Billion, Two Hundred and Thirty-sixMillion, Five Hundred and Ninety-four Thousand, Nine Hundreda and Eighty-six Naira only) paid into Bestworth Insurance Brokers Limited’s Skye Bank Account No. 1771645118 from PHCN STAFF SEVERANCE

Benefits account with the Central Bank of Nigeria, being funds earmarked
for the payment of outstanding insurance premiums and claims of deceased
and incapacitated staff of Power Holding Company of Nigeria (PHCN), did
commit criminal breach of trust in respect of the said property by dishonestly misappropriating the sum of N2,500,000,000.00( Two Billion
Five Hundred Million Naira only) thereof when you transferred the said
sum into Kakatar CE Limited’s Zenith Bank Account No.1012637660 and you
thereby committed an offence punishable under Section 315 of the Panel
Code Cap 532 Laws of the Federation of Nigeria, (Abuja) 2004.”

Count Five states, “that you , Abiodun Waheed Hassan, Director,
Bestworth Insurance Brokers Limited and Bestworth Insurance Brokers
Limited on or about 18th December 2014, in Abuja within the jurisdiction
of the High Court of the Federal Capital Territory, while being
entrusted with certain property to wit: the sum of N26,236,594,986.00
(Twenty-six Billion, Two Hundred and Thirty-six Million, Five Hundred
and Ninety-four Thousand, Nine Hundred and Eighty-six Naira only) paid
into Bestworth Insurance Brokers Limited’s Skye Bank Account No.
1771645118 from PHCN STAFF SEVERANCE Benefits account with the Central
Bank of Nigeria, being funds earmarked for the payment of outstanding
insurance premiums and claims of deceased and incapacitated staff of
Power Holding Company of Nigeria (PHCN), did commit criminal breach of
trust in respect of the said property by dishonestly misappropriating
the sum of N6,000,000,000.00( Six Billion Naira only) thereof when you
transferred the said sum into PJO Venture Limited’s Skye Bank Account
No.1771645235 and you thereby committed an offence punishable under
Section 315 of the Panel Code Cap 532 Laws of the Federation of Nigeria,
(Abuja) 2004.”

The defendant pleaded ‘not guilty’, when the charges were read to him.
Based on his plea, prosecution counsel, Benjamin Lawan Menji, ask for a
trial date and prayed the Court to remand the defendant at the
Correctional Service pending the trail.

Counsel for the defendant, Ade Olusalako told the court that the defense
had filed a motion for bail of his client and pleaded for the remand of
the defendant in the custody of the EFCC pending the determination of
his bail application on the grounds that “the defendant has been on
administrative bail for almost five years and he has an underlining
sickness”.

However, the prosecution counsel objected to the application. “As he
rightly submitted, we received the application but we shall vehemently
be opposing the application; we said vehemently so that the court will
know that we have a strong opposition. Moreover, our facility is
overstretched because of the issue of the Covid-19 Pandemic, the little
we have we are trying to manage them. The proper place of detention or
custody is the Correctional Service which the government has done its
best in providing”, Menji told the court.

However, Justice Oriji adjourned the matter till March 4, 2021 for
hearing on the bail application and remanded defendant in EFCC custody.

Patoma Admin by — February 25, 2021 in Insurance 0