FBS Re to Expand Operation to African Countries

Ebere Nwoji FBS Reinsurance Limited, has reaffirmed its ambition to become a leading reinsurance institution in Africa and the global market, with plans for regional expansion and a capital-raising programme to strengthen its growth. The Managing Director/Chief Executive Officer, FSB Insurance, Mr. Ganiyu Musa , has said that his company was pursuing regional expansion in line with the National Insurance Commission’s (NAICOM) call for Nigerian insurers to explore other markets. Musa, disclosed this at an insurance industry leaders’ forum organised by FBS Re in Lagos recently. He however said such expansion would depend on regulatory requirements, market conditions, risk appetite and the company’s financial capacity. The forum, with the theme Connecting Leaders, attracted top industry executives and more than 40 chief executive officers from the insurance industry. Musa said FBS Re was established by experienced insurance professionals concerned about the state of the reinsurance market and the challenges facing the industry in Nigeria and across Africa. He described the company as a professionally owned and managed institution committed to strengthening local reinsurance capacity, retaining more insurable risks within Africa and supporting the Nigerian insurance market. “FBS Re remains proudly Nigerian, and we are committed to demonstrating that indeed a Nigerian reinsurance institution can build the expertise, the capacity, and partnerships required to compete successfully across Africa,” he said. Musa disclosed that the company was pursuing regional expansion in line with the National Insurance Commission’s (NAICOM) call for Nigerian insurers to explore other markets He noted that expansion would depend on regulatory requirements, market conditions, risk appetite and the company’s financial capacity. He also revealed that the board was considering plans to invite existing stakeholders and prospective investors to participate in a capital-raising programme through a private placement, followed by an initial public offering.