Tristar Insurance adequately capitalized as it changes name
HARARE, First Mutual Holdings (FMHL) says the re-branding process of its short term insurer unit Tristar Insurance is progressing well on the legal side which also involves changing the name.
Tristar Insurance Company offers superior and innovative short term insurance products to individuals and corporates.
“We are still awaiting completion of the legal process for us of be able to re-brand. We have to legally change the name first and we are going ahead,” chief executive officer Doug Hoto said in an interview.
He added that there are no complications and its jut the normal procedure that one has to undergo when rebranding.
As part of the Group’s restructuring, shareholders of the company at an AGM earlier in the year approved name change for the group’s other unit Pear Properties to First Mutual Properties.
In 2014, Tristar was the Group’s trouble child with the group recapitalizing it with $2 million during the year to meet is regulatory capital requirement.
The capital injection resulted in the business remodeling with a new management team in place would see the business turning around in the short term insurance market.
According to Hoto the unit is adequately funded to meet the minimum capital requirement of short term insurers.
Meanwhile, FML is currently in the process of acquiring a significant stake in another short term insurer NicozDiamond. It is not yet clear if FMHL will consolidate the operations if the transaction sails through.
Tristar is already a direct rival of NicozDiamond; however, Tristar has a smaller balance sheet compared to NicozDiamond.
Tristarinsurance has under its stable the following customized products that include Motor Vehicle Insurance, Engineering insurance, Fire insurance, Marine Insurance, Aviation insurance, Agriculture Insurance, Aquaculture insurance and Travel Insurance.
