BusinessDay 14 Feb 2018
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Wednesday <strong>14</strong> <strong>Feb</strong>ruary <strong>2018</strong><br />
C002D5556<br />
BUSINESS DAY<br />
31<br />
E-mail: insurancetoday@businessdayonline.com<br />
Allianz closes 10-year proxy revenue<br />
swap for Invenergy wind farm<br />
Stories by<br />
Modestus Anaesoronye<br />
Allianz Global<br />
Corporate &<br />
Specialty’s<br />
(AGCS) alternative<br />
risk transfer<br />
unit (Allianz) has closed<br />
a 10-year proxy revenue<br />
swap for Invenergy’s upstream<br />
wind energy center<br />
to ensure stable revenues<br />
despite uncertainty of intermittent<br />
wind resource.<br />
Allianz Global Corporate<br />
& SpecialtyAllianz is<br />
South African based insurer<br />
with a Nigerian subsidiary,<br />
Ensure Insurance.<br />
Allianz Global Corporate<br />
& SpecialtyAllianz cooperated<br />
with Nephila and<br />
REsurety to provide an innovative<br />
financing solution<br />
for the renewable energy<br />
company’s Nebraska located<br />
202.5 MW Upstream<br />
project which expects to<br />
complete construction and<br />
begin producing energy in<br />
the fourth quarter of <strong>2018</strong>.<br />
Jim Shield, executive<br />
AXA Mansard team addressing NYSC members at Lagos NYSC camp<br />
FUG Pension<br />
exposes Covenant<br />
University Students<br />
to leadership skill<br />
Pension Fund Administrator,<br />
Future<br />
Unity Glanvills<br />
Pensions Limited<br />
(FUG Pensions) has again<br />
launched ‘LifeBeyondCampus’<br />
with a focus on Life<br />
and Career Skills Development,<br />
targeted at exposing<br />
university undergraduates<br />
to leadership skills development.<br />
The well thought-out<br />
theme dwelled extensively<br />
on the Leadership Effectiveness<br />
Skills, Communication<br />
Skills, Creativity &<br />
Innovation and, Financial<br />
Literacy Skills.<br />
The lecture, which was<br />
described by the participants<br />
as a life-changing<br />
experience attracted some<br />
of Nigeria’s highly revered<br />
Thought Leaders and Mentors<br />
in various works of life<br />
who came together to share<br />
some of their business/life<br />
ideas and skills with the<br />
final year students of the<br />
institution.<br />
vice president and chief<br />
commercial officer at Invenergy,<br />
said; “at Invenergy,<br />
we apply innovative thinking<br />
to not just development,<br />
but also to financing<br />
of our clean energy<br />
projects.<br />
“We’ve been considering<br />
the Proxy Revenue<br />
Swap structure since it<br />
came to market, and saw a<br />
great opportunity to apply<br />
this innovative new hedging<br />
structure to Upstream.<br />
De-risking our future revenues<br />
with this hedging<br />
KBL Insurance expands retail market<br />
with additional online products<br />
… Company settles over N400 Million claim<br />
In continuation of its<br />
focus on retail insurance<br />
and in its effort<br />
to further enable consumers’<br />
access to relevant<br />
insurance products, KBL<br />
Insurance has added two<br />
more products to its online<br />
transaction portal.<br />
The additional insurance<br />
products include<br />
Red Card, which covers<br />
home contents against<br />
fire and motor safeguard,<br />
which is a motor insurance<br />
product that offers<br />
more benefits than regular<br />
Third Party insurance.<br />
Customers can purchase<br />
any of these products<br />
using any digital device<br />
on KBL Insurance portal.<br />
Previously, customers<br />
could only purchase<br />
Third Party motor insurance<br />
on the portal.<br />
Charles Ajawihe, a<br />
statement by the executive<br />
director, Marketing<br />
also shows that the company<br />
settled a total of N450,<br />
971,010.43 worth of claims<br />
in the year 2017. This<br />
amount represents claims<br />
settled in Motor Insurance,<br />
Fire, Marine, Energy and<br />
other classes of insurance.<br />
He restates the company’s<br />
resolve to settle claims<br />
within 48 hours, once documentation<br />
is complete<br />
and urged customers to<br />
continually ensure prompt<br />
reporting of losses in line<br />
with the benefits of the insurance<br />
cover they have<br />
through the available channels.<br />
Ajawihe states that the<br />
company’s focus on retail<br />
insurance is based on the<br />
need to deepen insurance<br />
consumption in the country.<br />
To this end, the company<br />
is re-launching relevant<br />
products that cater for<br />
structure was critical to<br />
securing the project’s financing.”<br />
The swap protects the<br />
new wind project’s revenues<br />
from the financial<br />
risks associated with future<br />
energy prices and the uncertain<br />
volume and timing<br />
of energy generation.<br />
It’s the fourth Proxy Revenue<br />
Swap to be closed<br />
since the innovative hedging<br />
product was launched<br />
in 2016, bringing the total<br />
of Proxy Revenue Swaphedged<br />
wind project capacity<br />
to nearly 700MW.<br />
As with prior Proxy Revenue<br />
Swap transactions,<br />
Nephila Climate (Nephila)<br />
partnered with Allianz in<br />
managing the risks associated<br />
with the transaction.<br />
Nephila is AGCS’s strategic<br />
partner in weather<br />
and climate-linked risk<br />
management and works<br />
with the insurer to manage<br />
the risk exposures of the<br />
Proxy Revenue Swap, as<br />
part of a larger investment<br />
portfolio which includes<br />
other weather and climatelinked<br />
risks across a range<br />
of industries from energy to<br />
agriculture.<br />
Richard Oduntan, CEO<br />
at Nephila Climate, said;<br />
“we are very pleased to<br />
have executed this hedge<br />
to help Invenergy manage<br />
its revenue risk for the project,<br />
as further proof that<br />
the leaders in renewable<br />
development see real value<br />
in this structure.”<br />
the insurance needs of the<br />
Nigerian consumer, with<br />
a view to providing them<br />
with relevant options. The<br />
company believes that one<br />
of the ways to make insurance<br />
attractive in Nigeria<br />
is to make it available and<br />
accessible in multiple variants<br />
and channels.<br />
In order to further ease<br />
access to its services, the<br />
company has also implemented<br />
online claims<br />
notification and online<br />
business quotation on its<br />
website.<br />
Therefore besides purchasing<br />
insurance products<br />
on the website, customers<br />
are also able to ask<br />
for quotes and notify the<br />
company of their claims<br />
through the company’s<br />
website. KBL Insurance<br />
launched an online transaction<br />
portal for Third Party<br />
insurance in 2015.<br />
AXA Mansard promotes<br />
Valentine on social media<br />
AXA Mansard, a<br />
member of the<br />
AXA Group, the<br />
global leader in<br />
insurance and asset management,<br />
is set to put a<br />
smile on the faces of couples<br />
this Valentine’s Day by<br />
introducing its #ShootYourShot<br />
Valentine campaign<br />
on its various social<br />
media platforms. The<br />
social media campaign is<br />
designed to connect with<br />
social media users by encouraging<br />
them to boldly<br />
explore their creative side<br />
in a show of love.<br />
From <strong>Feb</strong>ruary 8 to <strong>Feb</strong>ruary<br />
12, <strong>2018</strong>, social media<br />
users can participate in the<br />
campaign by simply posting<br />
a one-minute video of<br />
themselves ‘shooting their<br />
shot’ (a trend on social media<br />
which means making a<br />
romantic move towards a<br />
Wapic Insurance sponsors Lagos<br />
International Polo Tournament<br />
Wapic Insurance,<br />
Africa’s<br />
foremost Insurance<br />
company,<br />
has sponsored the<br />
Lagos International Polo<br />
tournament, which brings<br />
together best-in-class polo<br />
players from across the<br />
world, especially Argentina<br />
and South Africa. This is<br />
yet another testimony of<br />
the company’s support for<br />
sports and lifestyle, which<br />
has seen it sponsor the Fifth<br />
Chukker Polo tournament<br />
annually hosted in Kangimi<br />
resort, Kaduna.<br />
With the company<br />
throwing its weight behind<br />
the <strong>2018</strong> edition of the Lagos<br />
International Polo tournament<br />
opening on today,<br />
Wednesday, <strong>Feb</strong>ruary <strong>14</strong>th<br />
and ending on Sunday <strong>Feb</strong>ruary<br />
25th, <strong>2018</strong>, the Wapic<br />
Insurance brand has signaled<br />
undiluted love for the<br />
game of Polo for the second<br />
consecutive year.<br />
This year edition of the<br />
celebrated polo tournament,<br />
which will see high–<br />
profile clubs from across<br />
the country competing for<br />
the Silver Cup exclusively<br />
sponsored by Wapic Insurance,<br />
is anticipated to be<br />
remembered as the most<br />
exciting polo competition<br />
in <strong>2018</strong>, just as the 2017<br />
edition sponsored by the<br />
company remained on the<br />
loved one) in creative and<br />
interesting ways on various<br />
social media platforms including<br />
Twitter, Instagram<br />
or Facebook. The winning<br />
participant will be treated<br />
to a dinner-for-two with<br />
their loved one on Valentine<br />
Day.<br />
Commenting on the<br />
campaign, Emeka Muonaka,<br />
AXA Mansard’s head of<br />
Brand & Communications,<br />
said “At AXA Mansard, we<br />
believe that when people<br />
show how much they care<br />
for others, they demonstrate<br />
the deepest and most<br />
important part of being<br />
human. We care about our<br />
customers and we want<br />
everyone to understand<br />
what it means to care. This<br />
is simply who we are – a<br />
caring family, and the each<br />
member is sending a message<br />
of love”.<br />
lips of polo enthusiasts for<br />
a long time.<br />
“As an acclaimed risk<br />
insurer, Wapic Insurance’s<br />
sponsorship of the Lagos<br />
International PoloTournament<br />
is a metaphor for our<br />
place in everyone’s life and<br />
role as a mitigant in every<br />
human endeavour. Beyond<br />
the fit between our services<br />
as an insurance company<br />
and the game of polo, our<br />
brandshares certain distinct<br />
qualities with Polo as<br />
a game. These qualities are<br />
premium, rich heritage,<br />
endurance and adaptabilitywith<br />
Polo” said Adeyinka<br />
Adekoya, Managing Director/<br />
Chief Executive, Wapic<br />
Insurance.<br />
In the same vein, Ayo<br />
Olashoju, Captain of the<br />
Lagos Polo Club, had noted<br />
that “Wapic Insurance’s<br />
sponsorship of this tournament<br />
is not just a support<br />
to Lagos Polo Club, but a<br />
commendable contribution<br />
to the development of<br />
Polo in Nigeria and across<br />
Africa”, adding that “with<br />
the company’s support, we<br />
will again host a tournament<br />
that fits its depiction<br />
as Africa’s premier polo<br />
tournament, and sustain<br />
the quality of our turf for<br />
the two-week long top class<br />
action by some of the continents<br />
most talented polo<br />
players”.