Continental Re meets NAICOM capital requirement, enters new growth phase
L-R: Managing Director, Sterling Assurance, Mr. Tajudeen Adisa Olorunmakomi; Official of National Insurance Commission (NAICOM); Managing Director/ Chief Executive Officer of Continental Reinsurance Plc, Dr. Fatai Lawal; Director of Human Resources and Administration, NAICOM, Rasaaq Salami; and Chief Executive, Stanbic IBTC Insurance Limited, Mr Jide Orimolade, at the presentation of new licence certificates to insurance companies that successfully met the Commission’s new minimum capital requirements in Abuja on Tuesday
Nike Popoola
Continental Reinsurance Plc has received regulatory clearance from the National Insurance Commission (NAICOM) after successfully meeting the recapitalisation requirements for reinsurance companies under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The company has also received its new operational licence in Abuja, marking a significant milestone in its compliance with the new regulatory framework and strengthening its position for the next phase of growth.
Continental Re is among the 43 insurance and reinsurance companies that successfully scaled the recapitalization hurdle ahead of the July 31, 2026 deadline.
The development follows the implementation of NIIRA 2025, which raised the minimum capital requirement for reinsurance companies to ₦35 billion. The recapitalisation exercise is aimed at strengthening the financial capacity and resilience of operators while enhancing their ability to underwrite larger and more complex risks.
With the regulatory clearance, Continental Re is positioned to further strengthen its underwriting capacity and provide greater support to insurance companies and other clients requiring capacity for large and specialised risks.
The development also comes as the reinsurer continues to focus on building technical expertise and professional capacity within Africa’s insurance industry.
Continental Re has invested in professional development through initiatives such as the Continental Re Academy, which supports the training and development of insurance professionals across the continent.
The company’s successful recapitalisation and receipt of the new licence therefore provide a stronger foundation for expanding its role in Nigeria and the wider African reinsurance market.
As the Nigerian insurance industry enters a new phase under the NIIRA 2025 regulatory framework, the stronger capital position is expected to enable Continental Re to deepen its support for primary insurers, contribute to risk capacity development and participate more actively in the growth and transformation of the Nigerian insurance market.
