ZHL upbeat on regional business

ZIMRE Holdings (Zimre) says the recent amalgamation of its units in Botswana will allow it to explore more product offerings.
This comes after regulatory changes enabling it to underwrite domestic business saw the group combining its two Botswana reinsurance businesses, Emeritus International Reinsurance Company and Emeritus Reinsurance Company.
The operational company in Botswana will be Emeritus International, a holding company with subsidiaries in Malawi, Zambia, and Mozambique, plus an investment footprint in Kenya, Uganda and Eswatini.
“Emeritus International Reinsurance Company was formed in Botswana in 2010 as an IFSC (International Financial Condition Standard) company. It was formed as the holding company for all group reinsurance companies outside Zimbabwe.
“As an IFSC company, the law barred it from writing domestic business in Botswana, hence the formation of First Reinsurance Company, later renamed Emeritus Reinsurance Company in 2018.

“Recent changes in the law have allowed the IFSC companies to write domestic business. There is therefore, no need for the two separate entities in Botswana, hence the recent amalgamation which takes effect on January 01, 2024,” Emeritus International managing director Patience Marwiro said.
ZHL was founded as Zimre Reinsurance Corporation through an Act of Parliament in 1983.
Over the years, Zimre grew into a diversified group with investments in reinsurance, reassurance, insurance, property, insurance broking, and reinsurance broking.
The organisation’s regional expansion began in 1996, with the acquisition of United General Insurance in Malawi and the formation of Zimre Malawi. Zimre Zambia was established in 1999 while Zimre Mozambique was established in 2003 in addition to the equity investments in Eswatini, Kenya, and Uganda.
“These (equity investments) are a gateway to our presence in East, West Africa and Central Africa,” Marwiro said.
Zimre recently said it would solidify its regional investments and improve underwriting capacity in line with improved growth prospects in the region next year.
“The group is progressing its infrastructure and landmark development drive with projects that will introduce innovative green practices to the country while creating sustainable value to both shareholders and the communities,” Zimre said in a trading update.
The group’s reinsurance and reassurance cluster posted a 129 percent growth in insurance contract revenue in inflation-adjusted terms at $61,4 billion during the quarter and 623 percent growth in historical cost terms at $37,6 billion emanating from new business acquisitions through various developmental projects in the local market.
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