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
FBS Reinsurance Limited, a Nigerian reinsurance firm, is determined to expand its operations into African countries, aiming to establish itself as a leading institution in both the African and global markets. Managing Director/Chief Executive Officer, Mr. Ganiyu Musa, shared these plans at an insurance industry leaders' forum held in Lagos, highlighting the importance of regional expansion to meet the National Insurance Commission’s (NAICOM) call for Nigerian insurers to venture into new markets.
Musa emphasized that the company's expansion plans would be contingent on various factors such as regulatory requirements, market conditions, risk appetite, and the firm's financial capacity. The forum, themed "Connecting Leaders," brought together top industry executives, including more than 40 chief executive officers from the insurance sector.
Recognized for its professional ownership and management, FBS Re aims to bolster local reinsurance capacity, retain more insurable risks within Africa, and support the growth of the Nigerian insurance market.
Stating its commitment to the Nigerian insurance industry, Musa highlighted that FBS Re remains proudly Nigerian, determined to demonstrate that a Nigerian reinsurance firm can build the necessary expertise, capacity, and partnerships to compete successfully across the African continent. The company is currently exploring a capital-raising programme via a private placement, followed by an initial public offering, with the board deliberating on the inclusion of existing stakeholders and prospective investors.
Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
