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Major re-insurance company eyes Sd
By NOMILE HLATSHWAYO - SWAZI TIMES-07-Jul-2009
MBABANE – The country may soon have a re-insurance company if plans by renowned ZimRe Holdings Limited to establish a branch in Swaziland materialise.
ZimRe Holdings Limited, formerly known as Zimbabwe Reinsurance Company Limited, is based in Harare, Zimbabwe.
According to Internet reports, Group Chief Executive Albert Nduna said the company was set to spread its wings to Swaziland and Botswana, as part of measures to widen the group’s income status.
He reportedly said the company was hoping to start operations in the two countries within the next three months.
“Our regional operations are contributing much to our performance, hence the need to expand,” Nduna is quoted saying.
Operations The new operations would include insurance, re-insurance, life assurance and asset management. Apart from Zimbabwe, ZimRe Holdings Limited operates in other countries such as Mozambique, Malawi, Zambia and Uganda. Nduna said operations to establish the new branches were at an advanced stage.
“The economy has gone through dynamism in the Dollarised environment and this is our chance to become a major financial institution in the continent,” he said. When contacted for comment, Registrar of Insurance and Retirement Funds Sandile Dlamini said they had not received ZimRe’s application yet.
He was, however, quick to point out that an application from the company would be welcomed. “ZimRe is a well known re-insurance company, not only in Zimbabwe, but also in the region. We have not received anything formal yet from them but it would be a good thing for them if they showed interest in Swaziland. This is more especially when considering that we still have no company that deals with re-insurance in the country yet,” he said.
Development Dlamini added that having ZimRe would be a big development for Swaziland. “I am actually hoping that they will approach us when the time is right; we would be glad to look at their application,” he said. The registrar explained what re-insurance entails; “The business of re-insurance basically means the company re-insures insurance. ZimRe just accepts business from insurance companies, not individuals; the company does not write insurance directly from customers. What normally happens is that if insurance companies have excess writings more than their capacity, they will re-insure those insurances with companies such as ZimRe.”
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