• Thursday, May 30, 2024
businessday logo

BusinessDay

Nigeria among Brokerslink’s targets in Africa expansion drive

Brokerslink, the global network of independent insurance brokers, which recently announced plans to transform from a non-profit organisation to a profit making company, has unveiled plans to expand into Nigeria, Moroco, Egypt and  two other African Countries.

Analysts said yesterday, that the coming of the world’s largest independent insurance broker network which manages premiums in excess of $15 billion to the country,through Prestige Insurance Brokers Limited,  its operating member in Nigeria,   is expected to bring greater depth to the industry and leverage on its network to build enhanced multinational client support and capability.

The expansion of the insurance giant into Africa was confirmed, as Brokerslink announced that the Nigerian firm which was registered in 1988 by the Nigerian Council of Registered Insurance Brokers and licensed by the National Insurance Commission (NAICOM) to transact all classes of insurance business and financial services, had joined its ranks.

Feyisayo Soyewo, chairman, Prestige Insurance Brokers, told BusinessDay that the group has completed its transformation plan and would soon launch out as a company.

“It’s a great development for the continent because with the wide network of membership in both Europe and Asia, you can imagine that Africa would begin to benefit from this large network of global players”, Soyewo said. 

Jose Fonsesca, chairman of the newly incorporated group, told over 200 delegates from 70 countries at the recent BrokersLink 2014 Annual Conference in Venice, Italy that this rapid expansion would now be accelerated, as Brokerslink has grown rapidly in recent times, not the least to Africa and the Middle East. 

“Brokerslink is now a truly diversified global broker, with a solid platform for revenue generation and growth. At last year’s conference we agreed to change our constitution from a not-for-profit association to a for-profit global broking company.

“ I can now report that our new holding company has been incorporated and capital has been invested by MDS, Crystal & Company, Filhet-Allard, Nova and Cooper Gay Swett & Crawford,” said Fonseca.

“This is a major strategic milestone for Brokerslink and we are now focused on utilising this new corporate strength to drive our expansion and build enhanced multinational client support capabilities through personnel and software tools,” he added.

Fonseca explained that in preparation for the shift to profit making status, Brokerslink has established a dedicated and centralised management resource over the last 12 months, supported by marketing, branding, strategic partnering with insurers and expanding its board.

Prestige Insurance Brokers Limited offers risk identification and management services, claims advisory and management assistance, the repackaging of insurance portfolios and financial advisory services.

However, the global firm also announced that AGD of Slovenia and Serbia and Jones Brown of Canada, were the other two new member brokers announced, with loss adjuster Advanta also joining Brokerslink as a specialist service member.

This week’s annual conference also hosted Brokerslink’s first Middle-East and Africa regional meeting. Fonseca said that the development of its operations in this fast developing market is ‘critical’ for Brokerslink and its members.

To reflect the growing importance of Africa and the Middle-East, the group has reorganised.”In May of this year, we split our Europe, Middle-East and Africa (EMEA) trading into two separate regions, in order to build closer relationships with local clients.

“This approach has proven to be very successful, but we need to continually refine our offering and approach in order to benefit from the huge potential presented by these regions,” said Fonseca.

“By bringing together expert brokers and service providers from Africa and the Middle East, our aim is to create lasting strategies that will complement the many different cultures, legal systems, business and insurance practices that will be encountered,” he added.

Modestus Anaesoronye