The Board of Continental Reinsurance Plc has announced the appointment of Mr. Lawrence Mutsunge Nazare as the new Group Managing Director of the company.
His appointment takes effect from April 1, 2021.
Nazareth, is to take over the company’s mantle of leadership from Dr. Femi Oyetunji, who is due for retirement on March 31, 2021.
In a statement, Continental Reinsurance Chairman, Chief Ajibola Ogunshola, said Oyetunji, has remarkably served as Group Managing Director since 2011, and was leaving a legacy of significant contributions that will live on in the company for many years to come.
According to him, Oyetunji’s key achievements include landing an aggressive strategy to position the company as a pan-African brand with a strong presence across six key geographical locations.
He noted that under his leadership, the company’s revenue grew fivefold, while profitability grew threefold.
According to him, productivity more than doubled, along with the transformation of the company’s culture, processes, and standards.
He noted that Oyetunji, has collaboratively led the creation of an enabling environment for thought leadership and sound corporate governance agenda in the industry on the African continent.
He said the National Insurance Commission (NAICOM) has already approved, the appointment.
He said the board was pleased that following a rigorous selection process, Nazare, was chosen to lead Continental Reinsurance Plc.
He described Nazare as a seasoned insurer, and has been on the company’s executive leadership as Group Executive Director/Chief Operating Officer for over 10 years, adding that with more than three decades in the industry, he brings to the role a deep understanding and experience of insurance business.
“He is an agile and purpose-driven leader with an impressive track record of delivering consistent, high-quality performance. The board welcomes him to the role and wishes him a resounding success,” Ogunshola stated.
In his response, the retiring Oyetunji, congratulated his successor, saying he knows his commitment.
“I am highly confident that Continental Re will continue to prosper under his leadership.
“His appointment demonstrates the strength of Continental Re’s succession planning and talent pipeline,” he added.
Responding, Nazare, said, it was an honour to lead a truly pan-African brand with capable teams across all regions. He said the company would continue to focus on the provision of a unique offering to its clients and partners as well as deliver long-term growth and value to all stakeholders.