FBS Reinsurance Limited has unveiled plans to expand its operations into other African markets as part of efforts to strengthen its position in the continent’s insurance industry and build a presence in the global reinsurance market.
The company also plans to raise additional capital to support its growth ambitions and strengthen its financial capacity.
Managing Director and Chief Executive Officer of FBS Reinsurance, Ganiyu Musa, disclosed the plans at an insurance industry leaders’ forum organised by the company in Lagos.
Musa said the proposed regional expansion aligned with the National Insurance Commission’s (NAICOM) call for Nigerian insurance companies to explore opportunities beyond the domestic market.
He, however, noted that the company’s expansion strategy would be guided by regulatory requirements, prevailing market conditions, its risk appetite and available financial resources.
The forum, themed “Connecting Leaders,” brought together senior executives and more than 40 chief executives from across the insurance industry to discuss issues affecting the sector and opportunities for collaboration and growth.
FBS Reinsurance said its ambition was to emerge as a leading reinsurance institution in Africa and compete more broadly in the global market.
