FBS Reinsurance Limited (FBS Re), one of African’s youngest reinsurance companies has recorded N16,588 billion gross premium written in its second year of operation.
The reinsurance’s Gross Written Premium Grew from N7. 906 billion gross premium written in its second year of operation.
Speaking to the media Today on the side-line of just concluded 49th African Insurance Organization (AIO) and General Assembly, the chief Executives Officer, Mr. Fola Daniel, said the company’s profit after tax rose to N2,491 billion at the end of 2022.He added that the comps closed with assets in excess of N26,296 billion from N15. 805 billion achieved in 2021, Representing 66.3% Increase. Commenting on its performance he said: “Our performance is fair. We thank God that we achieved what we achieved, but we can do than a lot better. The market has been supportive to us and we have enjoyed tremendous goodwill beyond our imagination.” On reinsurance capacity he said: “there is still a missing link terms capacity. The is surplus capacity to take but the number of reinsurance don’t have enough capacity. We still have huge oil and gas, aviation but there is depth of capacity in the market.” On how the industry can get more capacity, he said: “when we came in, we had capacity gap and one of the values we brought to bear is reducing the capacity gap.
Secondly, “FBS Re mea\ns ‘For Better Service’ we want to do things differently from how other reinsurance companies do their business. For instance, it can take other companies two months to respond to cash wall, we can’t afford that, we respond to cash in 48 hours after all documentation are okayed.
Thirdly, “When you offer us a business it either be YES or NO. Yon can give a YES in one day, two days or even three days but in our own case we must give a YES or NO within one hour. This will enable the broker or the insurer to find quick alternative if we say NO. FBS Re was licensed on November 25, 2020 by the National insurance Commission (NAICOM) and commenced operations on January 1, 2021.
