Christopher Boadi-Mensah
A year ahead of the January 2022 deadline prescribed by the National Insurance Commission (NIC), Serene Insurance Company Limited, a subsidiary of the First Sky Group, has announced that it has fully met the new GH¢50 million Minimum Capital Requirement.
Executive Chairman of the First Sky Group, Eric Seddy Kutortse, disclosed this during the 18th Annual Thanksgiving Anniversary of the Group held on Sunday at the Accra International Conference Centre.
Chief Executive Officer of Serene Insurance, Christopher Boadi-Mensah, in a media interview, said such a development presented Serene Insurance as one of the first insurance companies to be fully capitalized, with a stated capital of over GH¢50 million.
He stated that the recapitalization came with several benefits, including financial strength and capacity to underwrite bigger accounts as well as capacity to retain large portions of insurance business. Other benefits included the ability to pay legitimate claims, boosting the confidence of the insuring public and sound reserves for investment.
He further noted that with the NIC officially extending its initial deadline from June 2021 to January 2022, Serene Insurance was well-placed to continue with its drive towards redefining public perception about insurance in Ghana, offering the best value to the insuring public and helping to increase insurance penetration in Ghana.
Mr. Boadi-Mensah seized the opportunity to express gratitude to the shareholders of Serene Insurance for their continuous support.
He further pledged that the company would continue to be the insurer of choice, in line with its tagline ‘The New Face of Insurance’, when it comes to serving the best interest of its clients in 2021.
Among other things, the occasion was used to thank God for the fact that despite the difficulties experienced last year due to the ravages of the Covid-19 pandemic which caused several companies to lay off their workers, God continued to sustain and provide for the Group such that not a single worker of the First Sky Group was laid off or experienced a pay cut.