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| Filename | Uganda-Re-Public-Credit-Report-August-2024.pdf |
| Filesize | 318.74 KB |
| Version | subscription |
| Date added | August 12, 2024 |
| Category | Credit Rating Reports, Insurance |
| Tags | Kenya, Rwanda, Tanzania, Uganda |
Uganda Reinsurance Company Limited (Uganda Re or the reinsurer) is a well-established private reinsurance firm headquartered in Uganda. With its inception in November 2000 and subsequent commencement of operations in 2013, the company has successfully positioned itself as the sole locally licenced reinsurer in Uganda. The reinsurer enjoys 15.0% mandatory cession on all treaty reinsurance business conducted within the country as mandated by the Insurance Act of Uganda (Caption 213), the Insurance (Amendment) Act No. 13 of 2011, and the Regulations of the Insurance Regulatory Authority.
The ownership structure of Uganda Re constitutes a diverse set of shareholders. The major shareholders include Zep Re (PTA Reinsurance Company) with a 21.0% stake, Kenya Reinsurance Corporation (11.0%), UAP old Mutual Insurance Company Limited (10.0%), Uganda Insurers Association (8.0%), and Continental Reinsurance Company Plc (5.0%). In terms of overall shareholding, insurance players hold 40.7% of the company’s shares, regional reinsurers hold 43.8%, while the remaining shares are held by individuals (1.5%) and brokers (5.6%).
Uganda Re operates as an independent entity without any subsidiaries or affiliations with other groups. As a result, our evaluation of the company’s credit profile has been conducted solely on a stand-alone basis.