Grace Muradzikwa quits NicozDiamond

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NICOZDIAMOND Insurance Limited (NDIL) managing director Grace Muradzikwa says she will be leaving the company at the end of this month.
Muradzikwa, who has led the short term insurance firm for 16 years, will be replaced by Tristar Insurance Company managing director David Nyabadza.
“It is true I will be leaving NicozDiamond at the end of this month … I made a formal announcement to our staff members on Tuesday,” she told The Financial Gazette.
“I cherished the experience over the years and I would like to thank everyone I worked with during this journey both present and those who left,” she said.
Although the long-serving executive would not reveal her future plans, the market is awash with rumours that she could be appointed the new Insurance and Pension Commission commissioner, taking over from Tendai Karonga who resigned last year in May after falling out with the regulator’s board.
Muradzikwa’s departure comes a few months after Gloria Zvaravanhu also left NDIL to become chief executive at the Institute of Chartered Accountants.
Boardroom and management changes at the short-term insurance firm, which has operations in Zimbabwe, Mozambique and Malawi, began last year when First Mutual Holdings Limited (FMHL) acquired a 80,92 percent stake in NDIL that was previously held by the National Social Security Authority.
The insurance giant then made a mandatory offer to minority shareholders for the remaining 19,08 percent.
After the transaction, FMHL merged NDIL with Tristar Insurance Company before delisting the unit from the Zimbabwe Stock Exchange in August last year.
Under Muradzikwa’s management, NDIL grew and maintained its market share while achieving technical underwriting profits, collecting over 80 percent of premiums and maintaining credit ratings. The company remains a solid insurer with a stable liquidity status.
This is despite the fact that the short term insurance industry’s performance is directly related to the economy.
With domestic and regional economies under pressure, NDIL’s growth has been commendable given minimal progress experienced in the sector the past five years.