Cresmet Brokers celebrates 35 years of insurance services in Sierra Leone

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Cresmet Brokers and Business Consultants (CBBC) is one of the oldest indigenous insurance brokerage firms that was established in 1988 by Gladys E.O. Strasser-King.

Gladys is the first Sierra Leonean to be certified as a Fellow of the Chartered Institute of Insurance of London, in addition to qualifications from the University of Nottingham and City University of London.

Over its 35 years of existence, CBBC has served and still serves many corporate, state-owned enterprises and individual clients like the Bank of Sierra Leone, Sierra Leone Ports Authority, Sierra Leone National Shipping Agency, CSE, Sierra Rutile, OCTEA Mining Company among others.

CBBC is now housed at its own Waterloo Street Office in Central Freetown which was constructed in 2016.

CBBC has expanded its operation into Reinsurance Brokerage; and re-named and re-registered as Cresmet Insurance and Re-insurance Brokers.

The Brokerage ensures that its staff are exposed to continuous professional training and some senior staff members underwent training recently in reinsurance at the West African Insurance Companies Association (WAICA Re).

Maurice A. Green, Technical Manager, who has been with the firm for over 15 years now, holds a BA degree from the University of Sierra Leone, IFC from West African Insurance Institute (WAII) and a Diploma in Insurance from WAII and has participated in various seminars and trainings in Insurance in Sierra Leone and West Africa.

Other staff members are pursuing various courses at the Institute of Public Administration and Management (IPAM), University of Sierra Leone.

To ensure the growth and continuity of the brokerage and positioning CBBC to meet the expanding requirements of clients and growing demands of the industry, the founder of the brokerage (Mrs. Gladys Strasser-King) has brought into the senior management team, two of her daughters, Ethel Strong (nee Strasser-King) and Victoria Strasser-King.

Ethel Strong, now Acting Re-insurance and Administrative Manager, holds a Bachelor’s degree from the University of Hull and a Master’s degree in Human Resources Management from the University of Kingston, both in the United Kingdom. She also holds a Diploma in Insurance from the West African Insurance Institute (WAII) and training in Reinsurance at WAICA Re.

Victoria Strasser-King, now Director, holds an LLB (Hons), degree from the University of Northampton, LLM in International Commercial Law from City University of London and, early this year, graduated with an LLM (Hons) degree in Insurance Law from Queen Mary’s University, London.

She earlier successfully completed the Legal Practice Course (LPC) in the UK and is a Barrister and Solicitor of the High Court of Sierra Leone.

CBBC like all other institutions in the business environment is confronted with challenges such as the current global economic downturn. This has negatively impacted the quantum of insurance cover taken by many businesses.

Another area of concern to the industry is the negative impact of climate change and extreme weather events on lives and infrastructure.

However, CRESMET Brokers is now well-positioned to create greater awareness of these challenges to its clients and provides the necessary professional advice for appropriate insurance coverage to mitigate this threat.

Internally, there is a growing trend today for unauthorized and non-professional people to purportedly claim as insurance Intermediaries. Clients have to understand that a registered broker is the intermediary between the Client and the insurance company.

Thus, Brokers are professionals who provide their services at no extra cost to their clients but only receive commissions from the insurer, from premiums paid by the insured. Brokers are not only better able to advise clients on their insurance requirements but also ensure that claims, when they arise, are fairly settled.

 Neither Insurance Companies’ staff nor Insurance Agents are capable of providing these services. It is a conflict of interest for Insurance Companies’ staff to unscrupulously act as Intermediaries between the insured and the companies in which they are employed. By so doing, the insured is exposed to risks.

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