African Insurance Brokers Assoc to establish reinsurer

African Insurance Brokers Assoc to establish reinsurer: "THE African Insurance Brokers Association (AIBA) is to establish a reinsurance firm with �5 million start-up capital.

Mr. Jonnie Wilcox, Managing Director of United African Insurance Brokers (UAIB), disclosed this in Lagos yesterday at the 2009 AIBA International Seminar organised by the African Insurance Organisation (AIO) in conjunction with the AIBA.

He disclosed that the reinsurance firm would open for business in January 2010 and its headquarters would be located in London, which he described as the home of insurance business worldwide.

He said that each broker would be required to buy a minimum of one unit of the company's shares and a maximum of four units.

'One unit of share in the reinsurance company will cost about N6.25 million at an exchange rate of N250 to �1.

The scheme tagged 'The Reinsurance Brokers Project' was planned since 1993 and would have started operation in 1994 but due to circumstances beyond our control.

'Now that it is being brought up again, January 2010 will not elude us,' he said.

Wilcox said that the firm had been planned in such a way that it would become a vehicle to generate large volume of businesses into the African economy.

He said that it would also bridge the gap between African countries and Europe by bringing technical expertise as well as reinsurance businesses to African circle.

Chief John Akin-George, Chairman of AIBA, said that the brokers could not wait any more for the company to come on board.

He pointed out that if it had been floated 10 years ago, brokers would have been enjoying its benefits as well as dividends.

'With only one unit a broker or anybody that has invested in it will sit at home, take coffee, smoke his cigar and wait for his dividend,' he said.

Ms Prisca Soares, Secretary General of AIO, advised that brokers should have a report of the company ready to present to the AIO General Assembly and yearly general meeting coming up in Tanzania later this year."

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