NAICOM backs FBS Reinsurance to build local capacity

National Insurance Commission (NAICOM) has thrown its supports behind the newly licenced FBS Reinsurance Limited by ensuring that underwriters recognise the firm as they embark on this year’s reinsurance treaties.

It was gathered that underwriters which hitherto failed to recognise the firm in their reinsurance treaties were mandated by NAICOM to retrace their steps and include the firm.

The decision to support the firm, it was learnt stemmed from the need to build local capacity and comply with the local content policy.

FBS Reinsurance Limited is led by the former Commissioner of Insurance, Fola Daniel.

Fola Daniel

FBS also parades professionals with proven experience from the brokerage and underwriting units of the industry including Bala ZakariyaU, the former managing director of Niger Insurance who currently plays in a support unit of the Nigerian aviation industry, Ahmed Olaniyi Salawu of the Standard Insurance Consultants, and Wole Oshin Bankole of the Custodian Investment Plc that has just taken a plunge into the property sector by taking a large chunk of the United Property Development Company, a subsidiary of the UACN Plc.

These crops of professionals represent those with firm beliefs that there is a big insurance potential in Nigeria and indeed, the African continent.

Others are Ebele Ofunneamaka Okeke, from Nnewi North, Anambra who rose to the position of the Head of Nigerian Civil Service before her retirement, and also, Yusuf Hamisu Abubakar, a lawyer, and an accomplished administrator and businessman with vast experience at the senior executive level in power and communication sectors.

The reinsurance firm is expected to have met the N20 billion anticipated capital threshold under the reformed exercise for it to start a business in the industry.