Award recognizes company’s exceptional commitment to cede treaty business to Ethiopian Re on voluntary basis
Ethiopian Re today officially merits Nile Insurance Company (S.C) for their trailblazing decision to cede treaty business on voluntary basis. The recognition was bestowed by Ethio- Re to Nile Insurance Company (S.C) for the audacious move to cede businesses voluntarily signifying their determination to contribute a part in strengthening the national venture.
During the event, Ato Haile Michael Kumsa, Chairman of the Board of Directors of Ethio Re, expressed his appreciation of the unprecedented step taken to cede treaty business to Ethio Re. on voluntary basis. The CEO of Ethiopian Re, Ato Yewondwossen Eteffa, on his part exuded Ethio-Re’s keen interest in strengthening business relationship with the Company in various areas. He asserted that taking advantage of its fairly strong capital base, plus sound retrocession protection afforded by world renowned reinsurance companies, Ethiopian Re will endeavor to provide a comprehensive range of reinsurance covers to domestic insurers. He also reiterated the importance of working to get businesses on voluntary basis.
Pictured L-R: Ato Haile Michael Kumsa, Chairman Board of Directors, Ato Yewondwossen Eteffa, CEO Ethipian Re, Ato Binalf Mekonnon, Board Director Ethio-Re, and Ato Nigus Anteneh CEO, Nile Insurance Company (SC).
The CEO further avowed that as the first reinsurance Company in the country, Ethio-Re endeavors to enhance the national risk management capacity with the object of simplifying treaty negotiations, and settlement of claims within the shortest time.
The CEO of Nile Insurance SC Ato Nigus Anteneh acknowledged that Ethiopian Re is a national flag carrier and the insurance industry has to take every step to support the Company. He further stated that Nile as one of the top performers in the industry would continue to work with Ethio- Re in the future in due recognition of the role Ethio -Re plays in reducing the outflow of hard earned foreign currency.
The award was presented at the headquarters of Nile Insurance Company (S.C) on 18 September 2018.