Could you please provide our readers with a brief introduction to Edward Mensah, Wood and Associated Limited?

Edward Mensah, Wood and Associated Limited is a well-reputed Ghanaian broking company with a global reach. The firm is the local correspondent for Marsh & McLennan, the world’s leading broking firm, and other major brokers worldwide. This allows the company to have access to technical resources and specialized expertise to serve its clients. Edward Mensah, Wood and Associated Limited works with a number of multinational clients who are either coming into Ghana or are already operating in the country.

What suite of services does Edward Mensah, Wood and Associated Limited provide to its clients?

Edward Mensah, Wood and Associated Limited provides insurance broking/consultancy services to its clients, catering to their insurance needs. The firm is involved in all classes of insurance in Ghana and works with major insurance companies. The company has a diverse range of clients, from oil and gas companies to those involved in manufacturing and commercial activities.

What specific services do you provide to oil and gas companies?

We provide all aspects of insurance that oil companies in Ghana are required to take out by law. However, the local insurance market is not technically capable of handling all the risks, and therefore certain risks have to be placed overseas. Oil companies nominate insurance brokers to arrange insurance programs that are normally placed on the London market. However, Ghanaian law requires that insurance has to go through a local insurance company registered in Ghana, so local insurance companies collaborate with overseas insurance companies. Edward Mensah, Wood and Associates support any claim through a local process and work with clients directly for any claims to be finance approved.

What clients do you work with in the oil and gas industry?

We work with major players such as Kosmos, and occasionally, we work with service and equipment providers. However, we do not classify those companies as oil and gas clients. The top five insurance companies that we work with in Ghana are the SIC, Enterprise Insurance Company, Metropolitan Insurance Company, Star Insurance, and Vangad Insurance. The pool in Ghana has been created to include the entire market, which includes Africare and Ghanari, who make up a substantial amount of the current policies that we have. Africare, Ghanari, and SIC are the major players in the market in Ghana and account for 90% of business.

How can you describe the challenges of the insurance market in Ghana?

The market is highly competitive, and there is a large number of insurance companies and brokerage firms competing against each other. There is a lack of control from regulators, who allow companies to use unorthodox methods to yield results, which is an issue in Ghana and many other Western African countries. The next topic for discussion at the WYKA conference in Gambia will be unethical practices within the insurance industry. Edward Mensah, Wood and Associates Limited has tried to acquire business by relying on the quality of the professional service that we provide, as our portfolio mainly consists of multinational companies. However, there are some insurance companies who work by undercutting other companies, which is something that has come to the attention of regulators.

What is your growth strategy related to the oil and gas industry?

We expect that many more oil companies will come into the market, and we will use our global leverage to become the best brokerage company in terms of expertise and experience. We want to offer the same quality of services to new clients that we offer our existing customers. Wood and Associates has the knowledge and expertise, in addition to international connections, that enable us to handle a number of target risks in the market that other brokers are not able to.