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Tag: Femi Oyetunji

Experts task insurers on mergers, acquisitions for big-ticket

Experts task insurers on mergers, acquisitions for big-ticket

Insurance
Experts in the insurance industry have charged weak operators in the market to embrace mergers and acquisitions (M&A) to form big-ticket firms that would compete globally. The Group Managing Director/Chief Executive, Continental Reinsurance, Femi Oyetunji, warned that unless the number of insurance firms is reduced to 20 strong underwriting companies, the insurance market cannot compete with their international counterparts. He said: “If we don’t reduce the number of insurance companies in the market, we are not going anywhere. My personal belief is that 15 to 20 well-capitalized, skilled insurance companies will transform the industry.” He said he would like to see insurance companies for stronger synergy. He said the biggest threat at the moment is global players with l...