FML raise $17.25 mln in rights offer
Insurance24
HARARE, First Mutual Holdings rights offer raised $11.67 mln after a subscription rate of 67.68% at the close of the offer. The underwriter’s portion was $5.57 mln, accounting for 32.32% to bring the subscription rate to 100%.
The proceeds are targeted at financing the acquisition of a 80,92 stake in NicozDiamond as well as capitalising the operations.
Doves and Ruvimbo lifts the Funeral assurance industry net premiums in H1 2017
Insurance24
HARARE –The Insurance and Pensions Commission (Ipec) says funeral assurance industry players should take advantage of opportunities presented by micro-insurance products which is a potential growth area for the industry.
This follows the industry’s declined in Technical profits for the half year period to
Insurer First Mutual Holdings exits RTG
Insurance24 Reporter
HARARE, First Mutual Holdings Limited has reached an agreement with the National Social Security Authority (NSSA for disposal of 19.957% shareholding in hotelier Rainbow Tourism Group (RTG) to NSSA.
NSSA is already a major shareholder in FMHL and the deal reached in August 2016.
“FMHL is advising its shareholders that an agreement has been
Central Bank issues RBZ 7% Savings Bond, individuals, insurers invited
Insurance24 reporter
HARARE, Zimbabwe’s Central Bank has issued a 7% RBZ Savings Bond which it earlier announced in the Mid-Term Monetary Policy Statement Review.
“The Reserve Bank of Zimbabwe hereby invites investors, individuals, companies, pension funds and provident funds, insurance companies, life mutuals, financial institutions
Doves Funeral’s exciting executive Lifestyle package.
Insurance24
HARARE, The Dove Lifestyle Package, comes in with holiday provision for the policy holder, top of the range caskets and executive vehicles to provide comfort at the time of bereavement. The product is an addition to the existing conventional funeral policies to cater for the high end market.
Apart from being the preferred funeral
Nyaradzo Funeral expands into South Africa
Insurance24 Reporter
Harare, Nyaradzo Funeral Assurance Company now has its presence in South Africa as part of an expansion drive into the region. The company obtained a service licence in South Africa in 2015 and has now moved to set up structures in that regard to oversee the service provision.
According to a source close to the developments, Nyaradzo’s
Group restructuring lifts Zimre Holdings in first six months of 2017
Insurance24 Reporter
HARARE, Zimre Holdings Limited gross written premium for the six months ended 30 June 2017 at $15.79 mln was lower than $16.32 mln recorded in 2016 same period. Despite the decline GWP, the group achieved a 113% increase in profit for the period to $2.72 mln compared to $220 649 in 2016 largely as a result of
Reuben Java appointed Fidelity Life Group CEO, as profit jumps 100% in half year 2017
Insurance24 Reporter
HARARE, Fidelity Life Assurance Zimbabwe Limited net premiums for the interim six months ended 30 June 2017 declined 28% to $6.06 mln compared to $8.44 mln same period in 2016.
This was largely due to non- remittance of premiums by some policyholders and the discontinuance of some product lines
FML targets becoming largest short term insurer by market share
Insurance24 Reporter
HARARE, First Mutual Holdings Limited (FML) will become the largest player by market share in the short term insurance industry through merging NicozDiamond and Tristarinsurance, chief executive Doug Hoto has said.
NicozDiamond is currently within the top three short term insurers, where Old Mutual dominates while
Investment profit lifts First Mutual Holdings in six months to June 2017
Insurance24 Reporter
HARARE, First Mutual Holdings after tax profit for the six month period ended 30 June 2017 increased 63% to $4.3 mln compared to $2.6 mln same period in 2016 largely driven by increased investment income.
Group chief executive officer Doug Hoto told an analyst briefing that FML had an investment profit of