By Rukayat Adeyemi/Lagos
The board of Continental Reinsurance on Thursday announced the appointment of Mr Lawrence Nazare, as the new Group Managing Director (GMD), effective April 1 .
The statement by the reinsurer released in Lagos said that Nazare would replace the current GMD, Dr Femi Oyetunji, who would retire on March 31.
It said that the appointment of Nazare had been approved by the National Insurance Commission.
The reinsurance company said Oyetunji would support the transition process of the new GMD.
Chief Ajibola Ogunsola, the company’s Chairman, was quoted by the statement as saying that, the outgoing GMD had served the company remarkably since 2011.
Ogunsola said Oyetunji was leaving a strong legacy of significant contributions that would live on in the company for many years to come.
He listed Oyetunji’s key achievements to include ; landing an aggressive strategy to position the company as a pan-African brand with a strong presence across six key geographical locations .
“Under his leadership, revenue grew fivefold, profitability threefold, and productivity more than doubled, along with the transformation of the company’s culture, processes and standards.
“Oyetunji has collaboratively led the creation of an enabling environment for leadership and sound corporate governance agenda in the industry on the African continent,” Ogunsola said.
According to him, the board followed a rigorous selection process to appoint Nazare as the new GMD to lead the company.
“Nazare is a seasoned insurer and has been on the company’s executive leadership as Group Executive Director/Chief Operating Officer for over 10 years.
“With more than three decades in the industry, he brings to the role a deep understanding and experience of our business, the industry and the markets in which we operate.
” He is an agile and purpose-driven leader with an impressive track record of delivering consistent high-quality performance.
” The board welcomes him to the role and wishes him a resounding success, ” he said.
Oyetunji also congratulated Nazare on his appointment and expressed optimism that Continental Reinsurance would continue to prosper under his leadership.
” His appointment demonstrates the strength of Continental Reinsurance succession plan and talent pipeline,” he added.
Nazare has over 30 years experience in the insurance industry and started his professional insurance career with Zimbabwe Reinsurance Corporation in 1990.
He moved to Intermarket Reinsurance in 1999 and left as the Managing Director in 2010 to join Continental Reinsurance as the Group Executive Director/Chief Operating Officer.
Nazare has held key positions in the insurance industry, including Chairman of the Organisation of Eastern and Southern African Insurers from 2012 to 2015; Chairman of Zimbabwe Association of Reinsurance Offices, 2001 to 2004.
He is also a member of the Institute of Directors, Nigeria.