The National Insurance Commission (NIC) has licenced Global Reinsurance, an intermediary in the country. This brings to three the indigenous reinsurance broking firms so far registered. The rest are KEK Reinsurance brokers - first to be registered; Visal Reinsurance brokers; and recently, Global Reinsurance brokers. In addition to one foreign broker, Afro Asian Reinsurance brokers, GRBGL Managing Director, Kofi Wemakor, told said that the time has come for local Reinsurance brokers to groom, nurture and grow local capacity to handle the placement of Ghana's Reinsurance needs in order to retain more premium in the country's economy. He admitted that since 1924, when insurance was introduced into the country, the placement reinsurance of ceding companies in the Ghanaian market (both treaty and facultative) has largely remained, in the- hands of overseas/foreign reinsurance brokers. He said that realising these reasons, a group of qualified, experienced, skillful and talented Ghanaian Reinsurance professionals decided to set up the GRBGL. According to him, these professionals are qualified, experienced and talented reinsurers who have come together to own GRBGL: and they include Mr. Patrick Kpodo, a former Executive Chairman of Ghana Re as Chairman of the Board of Directors, while the management team is led by Kofi Wemakor, the immediate past-Head of Reinsurance Department of SIC Insurance Company. The others are Mrs. Ruth Amissah, a former Managing Director of Vanguard Life as the Chief Operation Officer who will also be in charge of Life Reinsurance; and Mr. Benjamin Acolatse, a former Managing Director of Mainstream Reinsurance in addition to being a formal Managing Director of SIC Insurance Company as its Executive Director, and also a former Managing Director of SIC Insurance company as an Executive Director. Mr. Wemakor pointed out that GRBGL is endowed with people who have a thorough knowledge of the global reinsurance market and can reach out to any market worldwide. "We understand the business of Reinsurance and appreciate that at all times placement must be done quickly, and with our procedures and a lineup of first- class rated Securities, we will assist you to quicken placement of all your. reinsurance (both treaty and facultative)." Source: BFT
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