Home Sectors INSURANCE & PENSIONS Continental Re Announces 9% Gross Premium Increase In Q2

Continental Re Announces 9% Gross Premium Increase In Q2

Continental Reinsurance, a pan-African composite reinsurer, has announced a nine per cent increase in gross premium from N7.9 billion to N8.6 billion in the second quarter of 2014 financial period.

According to the firm, its outstanding growth continues even in the face of growing competition and dependable risk selection, due to the positive impact it gained from strengthening its brand position in the market.

The Managing Director, Continental Reinsurance, Dr. Femi Oyetunji, said, “We have had a successful half year in which we have seen volume growth from our regional offices contributing positively to the group’s market share across our chosen markets in line with our strategy.  Despite the relatively adverse claims experience impacting negatively on underwriting profit, we still see strong growth opportunities and are optimistic of an improvement in key indices by the end of the year”.

The firm’s retrocession premium stood at N851.9 million and reflects a retrocession ratio of 10 per cent, which is lower than the previous period of 11 per cent; an indication of better market conditions and management of retrocession programmes.




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