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Home    Media    Continental Reinsurance Plc signs the UNEP FI Principles for Sustainable Insurance

A principles-based global framework to manage environmental, social and governance risks and opportunities in the insurance business.

Lagos, 9 October 2012: Continental Reinsurance pursues its commitment to sustainable business and corporate responsibility by signing the Principles for Sustainable Insurance (‘the Principles’), officially launched in Rio de Janeiro on the 19th of June 2012 at the UN Conference on Sustainable Development, or Rio+20.

The Principles are a result of six years of pioneering research and consultation work by the UN Environment Programme Finance Initiative (UNEP FI) and the insurance industry. Signatories commit to integrating environmental, social and governance (ESG) issues into their core business strategies and operations and to implementing the Principles across their spheres of influence:

- Principle 1: We will embed in our decision-making environmental, social and governance issues relevant to our insurance business.

- Principle 2: We will work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.

- Principle 3: We will work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues.

We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles.

Signatories will disclose their implementation of the Principles annually and publicly.

So far, about 30 leading insurers and reinsurers, representing over 10% of world premium volume and over USD 5 trillion in total assets, have signed the Principles, which are also supported by insurance associations from around the world.

According to UN Secretary-General Ban Ki-moon, “The Principles for Sustainable Insurance provide a global roadmap to develop and expand the innovative risk management and insurance solutions that are needed to promote renewable energy, clean water, food security, sustainable cities and disaster-resilient communities.

Meanwhile, UN Under-Secretary-General and UNEP Executive Director Achim Steiner said, “Under the Principles for Sustainable Insurance, insurers joining this initiative are embracing fundamental aspirations and turning them into concrete actions. These range from integrating ESG issues into a company’s management and operational DNA, to working together with clients, suppliers and governments to raise awareness of ESG issues, alongside developing new kinds of risk management products and services.

On becoming a signatory, Femi Oyetunji, Continental Reinsurance’s Managing Director, said: “As a reinsurer, we are in the business to protect people over the long term. I am therefore very proud that Continental Reinsurance is the first insurer/reinsurer in Africa (outside of South Africa) to become a signatory to the UN’s Principles for Sustainable Insurance, demonstrating our adoption of sustainable insurance aims, accountability, and transparency to the public in managing environmental, social and governance issues. We create lasting value by adhering to these principles, therefore enhancing our risk management. The Principles complement Continental Reinsurance's values perfectly.

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Learn more about the Principles for Sustainable Insurance at www.unepfi.org/psi.

For more information on Continental Reinsurance, please contact:

Kirsten Smith/Sarah Caddy

Gong Communications

Kirsten@gongcommunications.com / sarah@gongcommunications.com

 

ABOUT CONTINENTAL REINSURANCE

Continental Reinsurance is the leading composite professional reinsurance company in Africa. The Company offers a full suite of non-Life and Life reinsurance services to African insurers. It is rated B+ (Good) by AM Best for financial strength and credited for robust risk-adjusted capital.

It operates in more than 43 African countries and has expanded its regional footprint with offices in Cameroun, Kenya and Cote d’Ivoire. Continental Reinsurance began operations in 1987 and listed on the Nigerian Stock Exchange (NSE) in 2007.

It has strong differentiators that make it a leader in the market, namely:

- A solid range of international shareholders - C-Re Holding (comprising ECP Africa Fund II USA, CDC Group UK, Rashed Abdul Rahman Al-Rasheed Saudi Arabia and Central Africa Growth Sicar SA), Salag Limited and a number of insurers.

- A consistent and strong track record: The Company’s gross premium has grown at an average rate of over 65% over the last five years from US$18 million in 2007 to well over US$77 million in 2011

- A team of in-house actuaries, plus external support which have put in place a rigorous Enterprise Risk Management (ERM) framework and works across all of its offices

Continental Reinsurance is building the premier pan-African Reinsurance Company