Continental Re was registered in 1985 as a professional reinsurance company under the Companies Act 1968 and obtained license to transact Non-Life Reinsurance business on December 10, 1986. It commenced business in January, 1987. Life Reassurance business was commenced in January 1990, the requisite license having been obtained in September 1989. In 1999, Continental Re was converted to a Public Limited Company (PLC).
Today, the company has authorized share capital of =N=7.5 Billion and paid-up of over =N=5.0 Billion our shareholders fund of over =N=10 billion. Our investment stood at =N=1.82 Billion as at December, 2006. We now transact business in life and non-life classes, facultative and treaty in over 35 African Countries.
Corporate Philosophy Motivated by the vision of the promoters to build a result-oriented, customer-driven and financially strong professional reinsurance company, the corporate philosophy of "Excellence and Reliability" was adopted immediately on commencing business as a guiding principle in all aspects of our operations. This philosophy is given eloquent expression in our mission statement. We did also adopt Total Quality Management (TQM) to complement and reinforce our commitment to the philosophy of excellence and reliability. We believe that enduring commitment to the corporate philosophy and TQM will boost service delivery and give us competitive advantage considered critical to attaining and sustaining leadership position.
Our Services Our internal processes and procedures were designed to ensure full interface and integration among all operating and service units to ensure efficient service delivery as well as speed. To ensure continued competitiveness at all times, the company commenced computerisation of its operations in 1988. Today Continental Re is fully automated and all staff perform their tasks on-line. Leveraging on the efficient internal processes and strong financial base, our claims settlement procedures are efficient and fast to ensure that all genuine claims are quickly processed and settled. Management places claims management on high priority.
As a customer driven company, Continental Re pays high premium to the needs and requirements of our ceding companies in recognition of the benefits of long-term association and partnership. Hence since inception we have organised over 30 client development training programmes for the benefit of our ceding companies. Our regular annual client development programmes are:-
* Motor and General Accident Insurances Seminar * International Reinsurance Seminar * Life Underwriting & Pension Seminar * Fire and Business Interruption Insurance Seminar * Engineering and Bond Insurance Seminar * Information Communication and Technology Seminar * Accounting for Insurance and Reinsurance Seminar
Each of these programmes has established a reputation as a high authoritative and credible technical development forum with high calibre participation from within and outside the country.
In addition to direct transactions with our ceding companies, we maintain most of our accounts through the intermediary of leading local and international reinsurance brokers. To ensure the strength of our security and enhance our capacity to continuously offer excellent services to our ceding companies, we have adequate retrocession arrangements placed with leading insurers, worldwide. Assicuzaroni Generali, London is our lead retrocessionnaire.
Our People We recognise that the quality of our human resources is our major strength, therefore, our office is manned by qualified and experienced personnel. Guided by our mission statement and corporate philosophy, we continuously seek to develop and motivate our people to high standards of professionalism. The company places very high premium on staff training and development on the job through appropriate delegation and empowerment. Professional qualification is emphasised and it is crucial for career progression. This is to ensure that our staff are adequately equipped to handle the needs of our clientele.
Board and Management The general policies and direction of the company are determined by the Board of Directors which comprises men of integrity and substance who have distinguished themselves in various fields of endeavour. To facilitate the effectiveness of the Board, it operates a committee structure where relevant policy proposals and corporate performance are thoroughly considered and deliberated upon, with appropriate recommendations made for the ratification of the full Board. Each director is a shareholder. The management of the company is under the leadership of the Managing Director/Chief Executive, currently supported by a Deputy Managing Director, two Deputy General Managers, two Assistant General Managers and two Senior Manager who constitute the Senior Management Committee. All members of the committee are professionals.
