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| Filename | Tropical-Re-Public-Credit-Report-Aug-2023.pdf |
| Filesize | 260.34 KB |
| Version | 1 |
| Date added | August 8, 2023 |
| Category | Credit Rating Reports, Insurance |
| Tags | Zimbabwe |
Tropical Re was formed in 2007 as a reinsurer domiciled in Zimbabwe. The reinsurer is a subsidiary of Nzou Holdings Limited (the group), which owns 100% of shares, having restructured ownership from investment companies (TN Investments and Taquila Trading) to a direct holding in 2023. The group has other wholly owned subsidiaries, which include Alliance Insurance Company Limited (Alliance Zimbabwe), Alliance Health Medical Fund (Alliance Health), Hunt Adams Insurance Brokers and Ashleen Investments Limited (a micro-finance company). Furthermore, the group owns 100% shareholding in Africa Pride Insurance Company Limited (Africa Pride); a short-term insurance company domiciled in Zambia. The group is in the process of formally consolidating subsidiaries with the first set of audited financial statements expected in 2024. The subsidiaries are strategically managed as complementary business units with significant inter-company transactions. Of note, Tropical Re has high premium reliance on Alliance Zimbabwe, Alliance Health and Africa Pride. In addition to business support, the group provides capital support to subsidiaries and a coordinated approach to business onboarding and investment structuring. With regards to the latter, the group established a property unit trust scheme and contributed all owner occupied and investment properties in fiscal year 2022. While Alliance Zimbabwe is the largest subsidiary, Tropical Re is the only reinsurance subsidiary, underpinning its strategic importance at a gross premium contribution of between c.25% in 2022. In this respect, the credit profile assessment considers standalone credit fundamentals and group support.