Baobab Re granted Composite operating licence
HARARE, The Insurance and Pensions Commissions (IPEC) have granted Baobab Re a composite operating licence which will allow parent company Zimre Holdings to amalgamate its Short term reinsurance and Life and Health Reassurance units.
Currently there are two IPEC registered Composite Reinsures which are First Mutual Reinsurance Company and Grand Reinsurance
ZIMRE Holdings Q1 2017 profit up 48% despite declining revenues
HARARE, Zimre Holdings Limited recorded a 48% increase in profitability in the first quarter of 2017 to $1.35mln compared to $0.92mln in 2016 despite revenue declining 13% to $6.52mln.
Group chief executive officer Stan Kudenga told a shareholders meeting that profitability was driven mainly on the continued recovery at Baobab Re, focus
Fidelity Life total cumulative income below budget in five months, eyes recovery in H2
HARARE, Fidelity Life Assurance of Zimbabwe says despite missing budgeted income during the first five months of the year, the company remains profitable and sees recovery during the second half on anticipated increased insurance uptake in 2017.
The company held its 38th annual general meeting this afternoon where
ZIMNAT in slow start in 2017
HARARE, Zimbabwe’s insurance group, Zimnat is among the Sanlam’s’ group operations in Africa who had slow starts to the year hence failing to make contribution towards growth during the four months to April 2017.
Sanlam, a South African financial and insurance group acquired a 40% shareholding in Zimnat in a deal worth $11,5 million. The balance of shareholding
First Mutual Holdings Limited eyes controlling stake in Nicoz Diamond Insurance
HARARE, First Mutual Holdings Limited is contemplating the acquisition of a controlling stake in a company in the insurance sector, according to a cautionary statement published this morning.
On other hand, Nicoz Diamond Insurance Limited also published a cautionary advising that its major shareholder the National Social
Investment income lifts First Mutual Holdings in five months to May 2017
HARARE, Total Investment Income lifted First Mutual Holdings profitability in the five months to May 2017. After tax profit for the period increased to 44% to $4.35 million compared to $3.02 million in prior year same period.
In a trading update at the Group’s annual general meeting chief executive officer Doug Hoto said
Old Mutual Custodial Services re-named CABS Custodial Services
HARARE, Diversified financial services and Insurance giant Old Mutual Zimbabwe has rebranded its Custodial Services unit to Cabs Custodial Services as part of meeting international best practice which encourages custodians to operate within a banking institution.
CABS is a member of the Old Mutual Group and have an established strong brand
HARARE, The African Actuarial Consultants (“AAC”) has partnered Alexander Forbes Group Holdings Ltd (AFH) of South Africa in a transaction aimed at strengthening AAC’s business to grow its client base not only in Zimbabwe but in the region as well.
AAC, which started operating in 1993, offers end-to-end actuarial and advisory services to leading insurers, reinsurers and large pension schemes
HARARE, Insurance Company, Nicoz Diamond says the insurance sector continues to face a protracted soft market cycle that has seen clients continuing to negotiate for reduced covers and lower premium rates.
As a result, the Group’s revenue for the four months to April 2017 grew a marginal 1% with Gross Premium Written (GWP) for the period at $15.7mln compared to $15.6mln same period in 2016.
Group
ZHL to expand its regional footprint
Staff Writer
Zimre Holdings (ZHL) says it will harness strategic partnerships to drive capacity in its regional units and expand its footprint further into the African continent.
ZHL is a diversified investment holding Company with sustainable core competencies in the insurance value chain, property management, and wealth management.
The group’s operations span