| Insurance versus oil & gas |
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On Friday, when International Energy Insurance Plc (IEI), unveiled its new corporate identity, its Executive Vice Chairman, Ifie Sekibo, said the company is benchmarking the energy sector in its capital base and not the insurance sector. What he meant was that IEI, whose main business focus is the oil & gas/energy sector, needs to be as highly capitalized as the oil & gas sector if it hopes to underwrite risks in that sector. That goes without saying. |