Nigeria reinsurer eyes bigger deals with Nairobi office

According to Lloyds of London, the dominant re-insurer of big ticket risks in Kenya, the country’s risk had been raised to 4.5 out of the maximum rating of five, increasing the premiums payable by businesses and government agencies for terrorism and political risk coverage.

“We are in Kenya for the long-haul despite challenges,” said Mr Oyetunji. He is positive on political and terrorism risk premiums in the market and their potential of growth in the country.

The company is looking to aggressively push life business in this market and will have its third annual life conference next month to increase awareness of insurance products in the market.

Apart from Kenya, the company is keenly looking at business prospects in South Sudan, Tanzania and Uganda, before moving to other countries in the region.

Founded in 1985, Continental Re was listed in the Nigerian Stock Exchange (NSE) in 2007 and operates in 43 African countries.

Kenya is its third main office outside of Nigeria— others are Cameroon and Cote d’Ivoire—and is looking to open in Tunisia.

Last month, the reinsurance company reported a net income of N453 million (Sh233.7 million) in the first quarter of 2012, a 35 per cent increase on same period last year.

Its pre-tax profit stood at N567 million (Sh292.5 million), compared to N420 (Sh216.7 million).

pmaina@ke.nationmedia.com