Regal Reinsurance Brokers has officially marked its return to Ghana’s insurance market with the launch of a state-of-the-art office at Achimota, Mile 7, in Accra.
The reinsurance brokerage firm is poised to redefine the sector with a bold vision to become a leader in the industry, combining expertise, innovation, and a steadfast commitment to its clients’ needs.
At the launch event, the company’s Founder and CEO, Peter Kwarteng, highlighted the firm’s unwavering dedication to delivering exceptional value and client satisfaction. He emphasized the critical role of the company’s experienced team in navigating the demands of the market.
“To achieve this, Regal Re is fortunate to have a team of experienced brokers ready to meet the market’s demands. We are committed to leveraging our extensive market knowledge and strong relationships to negotiate favorable terms and competitive pricing for our clients.”
Peter Kwarteng
Regal Re’s entry into the Ghanaian market goes beyond traditional brokerage services. Charles O. Mills, the Group General Director, revealed that the company prioritizes capacity building as a cornerstone of its operations. This approach includes empowering local reinsurance companies to build resilience while minimizing acquisition costs. “Training is going to be our hallmark, and for the reinsurance sector, we also intend to empower local reinsurance companies to build better capacity with reduced costs of acquisition,” Mills stated.
This emphasis on training aligns with Regal Re’s goal of fostering growth within the insurance and reinsurance sectors, creating an ecosystem that benefits insurers, reinsurers, and ultimately, the insured.
Opportunities in Ghana’s Reinsurance Market
The launch event also spotlighted the potential of Ghana’s insurance and reinsurance industries. Speaking on behalf of the Acting Commissioner General of the National Insurance Commission, Stella Jonah, Head of Supervision, underscored the untapped opportunities within the market.
“If five companies carry between 10 to 20 percent of the performance figures in the insurance brokerage sector, you can tell there is potential. And so we are quite eager for Regal Re to come up and show what they have,” she remarked.
Jonah’s comments reflect the optimism surrounding the sector, with Regal Re expected to play a pivotal role in unlocking this potential and driving industry growth.
Regal Reinsurance Brokers’ mission extends to setting a new standard in risk management for insurers locally and internationally. By merging global insights with local expertise, the company aims to lead the transformation of reinsurance brokerage in Ghana.
The firm is dedicated to offering innovative solutions that address the evolving needs of its clients. Its commitment to service excellence is expected to enhance broking services and foster trust within the industry.
Regal Re’s re-entry into Ghana’s market is marked by a clear focus on building a trusted brand that resonates with both clients and stakeholders. The firm seeks to establish itself as the partner of choice for insurance companies, offering a comprehensive range of services designed to meet diverse reinsurance needs.
This vision is underpinned by a strategic blend of advanced technology, market expertise, and robust partnerships. By adopting a client-centric approach, Regal Re is positioning itself to address industry challenges while contributing to the sector’s overall development.
One of Regal Re’s key strategies involves strengthening relationships with local insurers and reinsurers. Through collaboration and capacity-building initiatives, the company aims to empower local players to remain competitive in an increasingly dynamic market.
Additionally, Regal Re’s operations are expected to enhance industry transparency, improve risk management practices, and provide cost-effective solutions tailored to the unique needs of Ghana’s insurance sector.
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