Download Tag: Zambia

Klapton Reinsurance Limited (Apr 2025)

Klapton Reinsurance Limited (Klapton Re) is an established reinsurance company licensed and domiciled in Zambia. The entity was incorporated in August 2020 and began underwriting business in October 2021. The reinsurer underwrites both facultative and treaty business across various lines and in more than 80 countries. Klapton Re is owned by three shareholders: Klapton Management Limited (with a 35% stake), SLA Consolidated Limited (35%) and Shay Reches, an individual shareholder (30%).

The following content requires an active registration and/or a subscription. For more information on GCR's subscription offering, please
click here
Already a member? Log in here

GCR Country Risk Scores: 18 December 2023

The Country Risk assessment, which is a key part of the operating environment score, interacts with GCR ratings in four ways. Firstly, the country risk scores create the foundation for the Anchor Credit Evaluator (the mapping table, see the Criteria for the GCR Ratings Framework and the interactive online map at GCRratings.com/criteria. Secondly, the country risk score/assessment acts as an anchor to the GCR Risk Score and therefore ultimately to the GCR issuer ratings. Thirdly, the country risk assessment acts as a hurdle (or more accurately as a series of hurdles, differing according to industry) that limits uplift away from an entity’s financial sector operating environment (the combination of the country risk score and the financial sector risk score). Lastly, the country risk score provides a level from which government support can be applied for each industry.

The following content requires an active registration and/or a subscription. For more information on GCR's subscription offering, please
click here
Already a member? Log in here

Emeritus Reinsurance Zambia Limited (Nov 2023)

Emeritus Reinsurance Zambia Limited (Emeritus Re Zambia) is 99.8% owned by Emeritus International Reinsurance Limited (Emeritus International Re), which is in turn wholly owned by Emeritus Reinsurance (Private) Limited (Emeritus Re Zimbabwe), with the ultimate parent being Zimre Holdings Limited (ZHL or the group). Emeritus International Re is an
intermediate operating holding company which recently amalgamated with Emeritus Reinsurance Company Proprietary Limited (Emeritus Re Botswana). At present, all regional reinsurance subsidiaries are consolidated at Emeritus Re Zimbabwe level, with the subgroup being the core operating entity of the ZHL group.

Emeritus Re Zambia’s respective gross written premiums and asset contribution to Emeritus Re Zimbabwe subgroup stood at 7% and 9% at 31 December 2022. In this respect, we assessed the reinsurer’s credit profile on a stand-alone basis, with consideration for implied support from the group.

The following content requires an active registration and/or a subscription. For more information on GCR's subscription offering, please
click here
Already a member? Log in here

Zambia Reinsurance Plc (Oct 2023)

Zambia Reinsurance Plc (Zambia Re, formerly Prima Reinsurance Plc) was established in August 2006 and started operations in January 2007. The reinsurer is licensed to provide reinsurance business in all life and non-life insurance lines. Following a rights issue in June 2020, Industrial Development Corporation became the largest shareholder in Zambia Re, with a 28.2% shareholding. The next largest shareholder is National Pension Scheme Authority at 14.3%. The remaining material shareholders include management and various pension trusts with holdings of between 1% and 7%. Zambia Re is not part of a group and a standalone analytical approach was applied.
Strengths
• Very large capital buffers capable of absorbing strong growth potential
• Strong liquidity supported by a conservative investment portfolio
• Improving underwriting performance on the back of higher scale
Weaknesses
• Small reinsurer by regional comparison, with low premium volumes across lines of business
• Exposure to foreign currency movements results in potential earnings volatility.

The following content requires an active registration and/or a subscription. For more information on GCR's subscription offering, please
click here
Already a member? Log in here