ZHL seek to strengthen Credsure
ZIMRE Holdings says it is targeting to grow Credsure market share and business through onboarding more underwriting management agency (UMA) with dynamic impact and strategies to acquire business that complements innovative customer propositions.
The group, after losing NicozDiamond to First Mutual Holdings is seeking to return to short term insurance through Credsure.
“We are also refreshing the Credsure Brand to achieve effective repositioning and currency and attain a credit rating that will also cement the character of the business in terms of quality and strength,” Stan Kudenga, the group’s CEO said at a briefing.
He said the UMA portfolio grew 12,5 percent in 2020, and the business launched a digital app called Autosure that enhanced convenience and accessibility for customers.
According to Kudenga, NicozDiamond, was part of its historical DNA, among other SBU’s such as Fidelity Life Assurance, ZPI which has already been brought back under the group.
“Unfortunately, one of the miss was, on NicozDiamond which we could not recover after we lost it to First Mutual Holdings,” he said.
FMHL in 2017 acquired 80,92 percent shareholding in Nicoz Diamond Insurance Company (NDIL) and at the completion of the acquisition by FMHL set its sight at acquiring more stake into Mozambique’s short-term insurance company, Diamond Seguros as it forged ahead to ascertain itself as a major regional player in the insurance sector.
In a recent update, FMHL said the Mozambique unit has now migrated from an associate to a subsidiary after the Group acquired, through its subsidiary NicozDiamond, a controlling stake in Diamond Seguros.