Life – Metropolitan Life; General Business – Enterprise Insurance; Broker – KEK Re
As the old saying goes, “Remember to celebrate the milestones as you are preparing the road ahead”; and to honour these words, Ghana Re celebrates its 50th anniversary and honours its loyal cedants to mark an important milestone – Ghana Re turns 50.
Additionally, it was a night for the company’s flagship event – which is used to show appreciation and reward for its business partners for their exceptional contribution to the company’s financial results within a particular year. “I am therefore undeniably proud to chair this dual celebration and deem it a great privilege. I am sincerely grateful and accept this honour to be the Chairman on such a grand occasion,” said Ambassador Edward Boateng, Director-General of SIGA last week.
Accordingly, he reveals that Ghana Re stands as a testimony of vision, dedication and commitment to excellence by past and present leaders and staff. He said as the shareholder and representative, “I am deeply conscious of the legacy the State Interests and Governance Authority (SIGA) has inherited, and will do our best to ensure continuous growth for the company.
Boateng disclosed that at 50 years and counting Ghana Re’s mandate remains as relevant as ever. “A sober reflection on the company’s past years indicate that old challenges have not completely been done away with, but new ones keep coming up each day.”
According to the chairman, it is now time for the company to re-align its operations, tool boxes and responses toward innovative reinsurance solutions for the new challenges and opportunity arising in the country and on the African continent.
Mr. George Yaw Mensah, Managing Director, recalled that the 50th anniversary was formally launched in August and, as indicated during the programme, included celebration activities like the night event that is the company’s flagship programme – The Cedants Awards Night.
He indicated that Ghana Re was set up 50 years ago on October 1, 1972 to provide reinsurance support and other services to industry players in Ghana. “Since its establishment, Ghana Re has continuously played a major role in the country’s socio-economic development.”
According to him, Ghana Re since its birth has undergone some remarkable transformations: from humble beginnings as a unit in the then State Insurance Corporation – now SIC Insurance PLC – into one of the giant African reinsurance companies, providing reinsurance support and ancillary services to the insurance industries in Ghana, Africa and beyond.
“Furthermore, following his strategic vision of becoming the Reinsurer of Choice, the company has gone from baby-steps nurturing in the seventies to asserting itself as independent entity in the eighties, through turbulent periods in the nineties, weaning itself from ‘toxic’ global business and loss of about 60% premium income through the cancellation of the legal cession in the early part of the twenties, to become and still remain a strong player on the African Insurance market and partnering with its peers to provide superior reinsurance solutions for over 300 business partners presently.”
He also disclosed that in bringing Ghana Re’s business operations closer to the doorsteps of its partners, the company has re-strategised its Africanisation agenda – leading to the setting-up of regional offices in Kenya, Cameroon and Morocco.
According to him, the company has also contributed immensely to growth and development of expertise in reinsurance through the provision of capacity building programmes and seminars for professionals in the country, both in Ghana and across Africa, with its in-house resource persons for training institutions both local and international.
The night was climaxed with the awards programme, which saw cedants winning in their various categories for the year 2021. In the Broker of the Year category, KEK Reinsurance Brokers Africa Ltd. topped. They were closely forward by Afro-Asian Reinsurance Brokers Ghana Ltd., and second runner-up in that category was Jordan Global Insurance and Reinsurance Brokers.
The Life Business category was won by Metropolitan Life Insurance Ghana Ltd., while Enterprise Life Assurance Ltd. and SIC Life PLC were first and second runner-up respectively.
The Special Award for Prompt Premium Payment category went to Old Mutual Life Assurance Company Ghana, while Contribution to the Growth of Ghana Re in the Year 2021 went to Prudential Life Insurance Ghana. The Prudent Underwriting title went to Ghana Union Assurance, Loyalty to the Business Partnership with Ghana Re was won by First Insurance Company Ltd.
In the General Business category, the Cedant of the Year award went to Enterprise Insurance Company, while Hollard Insurance Ghana Ltd. and Provident Insurance were first and second runners-up respectively. The Prudent Underwriting in the Year under Review went to Ghana Union Assurance Company Ltd; while the Loyalty to the Business Partnership with Ghana Re award was picked up by Unique Insurance Company Ltd.