ZIMRE Holdings appoints consultant for re-branding
Insurance24
HARARE,ZIMRE Holdings Limited (ZHL) says the mono rebranding of all ZHL Group reinsurance SBU’s both domestic and regional has reached an advanced stage with a consultant already hired to drive the re-branding process.
The two phased exercise is part of the Group’s new strategic thrust which also include bringing regional reinsurance operations under Emeritus International, a Botswana-based holding company. The re-branding is targeted units in Mozambique, Botswana, Malawi and Zambia in addition the local BoababRe.
Phillip Mundangepfupfu, Group Manager-Corporate Affairs told Insurance24 in an emailed response that the restructuring and rebranding of the Group reinsurance operations will allow the SBUs to benefit from size and enable them to compete effectively with the Continent’s largest reinsurance companies.
“The Board of Baobab Re approved the new corporate image proposals on 8th November 2017.The regional company Boards are currently in the process of endorsing the proposals,” he said.
Munda added that the proposals adopted will be unveiled to the domestic and regional markets at future dates to be announced soon.
He also said all reinsurance SBU Staff, who are expected to be the new brand ambassadors, have also been trained by the Consultants.
Meanwhile, during the six months to 30 June 2017, Zimre Holdings gross written premium was lower than $16.32 mln recorded in 2016 same period but 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 the ongoing restructuring and re-focusing anchored on the new strategic focus adopted in 2016.
Regional reinsurance operations posted an overall loss of $0.4 mln compared to a Profit of $0.5 mln in the same period last year mainly due to slowdown in the performance of the Mozambican and Malawian economies and losses in Emeritus South Africa which was winding operations.
