Eagle insurance to re-brand to FBC Insurance Company

Eagle insurance to re-brand to FBC Insurance Company

HARARE, Eagle Insurance, a unit of financial services group FBC Holdings will be re-branded to FBC Insurance Company to reflect the Group’s flagship,a company official has said.

Several insurance companies have in the recent past mooted re-branding some their subsidiaries to identify with holding companies.

In particular, Zimre Holdings is in the process of re-branding its re-insurance unit Baobab Re as part of the Group’s restructuring which will see the operation coming under Emeritus International, a Botswana based holding company.

First Mutual Holdings is also in the process of re-branding Trista Insurance. Zimnat has also since re-branded to identify with its new shareholder Sanlam of South Africa.

Meanwhile, FBC Holdings chief executive officer John Mushayavanhu said Eagle insurance will be re-branded soon. The company for the five months to May 2017 recorded a 2% decline in gross premiums written to $18,6 mln.

The Group’s other insurance unit, FBC’s reinsurance recorded a 17% decline in gross premium written (GPW) from $17,8mln in the previous year to $14,8 mln on the back of weak demand for insurance products.

Overall, the FBC Holdings insurance subsidiaries were for the period marginally below budget, although ahead of last year.

However, the Group is buoyant on recovery in the second half of the year supported by initiatives of regulator IPEC to expand micro insurance products.