Regency Alliance partners Ghanain government on oil exploration

Regency Alliance Insurance, Ghana is to partner with the Ghanaian government for the exploration, exportation and distribution oil.

Speaking during a strategic meeting with a delegation of the Ghanaian subsidiary, who visited him in Lagos, the Group Managing Director, Mr. Biyi Otegbeye, said that the parent company has been underwriting oil and gas insurance for many years, adding that the fledging Ghanaian oil industry would benefit from its wealth of experience.

Otegbeye added that some of the newly hired professionals in Ghana would be trained on oil and gas insurance in order to prepare them for the challenges ahead. According to him, “we intend to form strategic alliance with Ghana National Oil Corporation to manage the risk involved in the entire process of exploration and distribution.

He thanked the visiting team for working hard to expand the operations of the subsidiary in Ghana, noting that the company has the potential to lead the Ghanaian insurance market.

It will be recollected that the Ghanaian government recently organised a conference on how to utilise oil that was discovered in commercial quantity in the country.

Regency Alliance Insurance Ghana was among the insurance companies re-certified early this year following the conclusion of the re-capitalisation ordered by the country’s National Insurance Commission.

Many professionals were hired in Ghana to beef up the workforce as well as reposition the company. Regency Alliance Insurance, Nigeria had last year acquired Benefits Insurance Company of Ghana and renamed it to reflect the new ownership structure.

Otegbeye also hinted that the subsidiary would be listed on the Ghanaian Stock Exchange as soon as practicable. He therefore charged the management of the subsidiary to ensure that the visions of the parent’s company are carefully carried out.

He continued: “Our vision is to add value to the economies of the countries where we operate. You must therefore ensure that you do your business with this vision at the back of your mind.”

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