ZEP-RE underwrites $950 mln in premiums since inception…private sector shareholding grows to $225 mln
By Insurance24
HARARE, The COMESA reinsurance company, ZEP-RE (PTA Reinsurance Company) which commenced writing business in 1993 says has cumulatively to date underwritten over $950 million in premiums and paid out over $450 million in claims.
ZEP-RE was created by an agreement of Heads of State and Government of the COMESA region on 21 November 1990 in Mbabane, Swaziland. The company was established in September 1992 and commenced writing business on 1 January 1993.
It is headquartered in Nairobi, Kenya and operates eight regional and country offices in the following states: Ethiopia, Kenya, Uganda, Sudan, Zambia, Zimbabwe, Cameroon and Ivory Coast.
According to a Commesa Pre Summit newsletter, during its twenty-five years of existence, ZEP-RE (PTA Reinsurance Company) has grown from a fledgling entity to a confident regional reinsurer with business activities spanning the African continent and beyond.
The regional organization is charged with the task of promoting trade, development and integration within the COMESA region through the trade of insurance and reinsurance business.
“During this period the profile of shareholders has evolved to include more private sector and multinational development finance participation.
“Their shareholding has grown from $5 million to $225 million and operating markets have increased from five to 55 countries within and outside the African continent,” said Comesa.
ZEP-RE has been very successful in discharging its founding goals, which include insurance industry development, the creation of regional capacity and economic development.
“The Company has also been an active proponent of developing a robust African insurance industry through the provision of reinsurance and supporting the growth of indigenous companies,” added the regional entity.
ZEPRE has also been a great supporter of regional training programmes by facilitating workshops. Over the last 25 years the company has undertaken over 200 training programmes and trained over 10,000 personnel.
It has established the ZEP-RE Academy with the goal of ensuring that training programmes are formalised and standardised across the region. ZEP-RE has now embarked on its next growth phase aimed at making it a billion-dollar company and a leading reinsurance player on the African continent.
