YOA, Capsicum Re seal pact to strengthen local market

To further enhance the nation’s insurance industry, risk service provider, YOA Insurance, and Capsicum Re, have entered into partnership to provide capacity for local insurance operators to insure high rate installation risk in the country.

Capsicum Re, is a full service international reinsurance broker based in London, and Bermuda. It was founded by Grahame Chilton, and Rupert Swallow, in the belief that what customers really want (and were missing) is advocacy for their requirements in the marketplace. YOA said: “Relationships are at the core of our offering, and our unique business structure fosters a dynamic and entrepreneurial environment that has attracted market leading reinsurance brokers, and empowered to deliver a ‘back to relationship’ broking service.

“We work in partnership with Arthur J. Gallagher, the fourth largest insurance broker in the world as its reinsurance intermediary. Together we have created an unparalleled service offering for customers that is challenging the larger brokers in the global reinsurance market.

“Combining the best advocates in the industry, market leading analytical capabilities, and the support of Gallagher has facilitated our rapid growth, and our ability to provide a proposition that is challenging the larger brokers in the global reinsurance market, and offering customers a sensible alternative.”

The Managing Director, YOA Kunle Omilani, who spoke to The Guardian on the underwriter’s strategies for advancing the growth and development of the insurance industry, said the sector plays a vital role in a growing economy by indemnifying risks faced by individuals.

He said insurance companies also contribute to the economy through investments, and are therefore recognised worldwide as significant players within the financial services industry.

He noted that over time, through human inventions, science, and technology, businesses have advanced monumentally. However, despite human creativity and initiatives, the issue of high risk still remains a problem in the country.

He added that insurance as a component of risk management is probably the most recognised as an investment vehicle to boost economies.
The Managing Partner, Capsicum Re, Alistair Lockhart-Smith, said: “the motive behind the partnership is to bring our strength and knowledge in the London market, and the international markets experience to help develop the local insurance market.”