Visal Reinsurance Brokers conducts training for underwriters …as it marks one year




Mr. Gustav Siale, Chief Executive Officer of Visal Re has indicated that the reinsurance broker believes in training and equipping its clientele as a means of providing excellent services to its insured and reinsured.

“It is this belief of ours that informed the organisation of this maiden programme and we promise that counting on your support, this seminar will become a yearly invent,” he said.  

Gustav Siale revealed this when he opened a two-day seminar on the topic, “Bonds and Guarantees” for market players in Accra last weekend, organized by the company as part of its one year anniversary.

He said there has been a sharp increase in the demand of various types of bond of late and considering bitter experience in the industry regarding, Visal Re thought it prudent to organise such an event as to equip underwriters of insurance companies with the necessary skills to enable them do proper writing.

“It is important to draw the attention of underwriters on the things they have to look for to avoid falling prey to unscrupulous individuals and organisation seeking to take advantage of the insurance industry and economy as a whole,”  Mr. Siale pointed out.

About 31 underwriters from various underwriting companies in the insurance seminar attended the seminar. They were taking through topics like – Meaning of bonds and guarantees, the bond relationship. Bond Application – Types of bonds, Requirements and Assessment of Application. Bond Wordings – On Demands Bond, Conditional Bonds on the first day.

The second day, underwriters were taken through Credit Guarantee Bonds under topics like – Procedures and assessment in addition to Interpreting the Financial Strength of a company and Healthy Balance Sheet – warning signs in addition to claims handling in reinsurance arrangement.

The Managing Director of GN Re, Joseph Tieku, speaking at the closing ceremony indicated that competence does not end or come with attainment of Chartered Insurance Institute (CII) qualification or a BSc Administration degree in Insurance.

“Indeed, the experience of employing full understanding of the principles of insurance in our work is more compelling today than ever before. The exchanges we have received in the last few days are very significant and we hope this will be the bedrock for sound bond underwriting,” he stated.

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