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| Filename | 2022_07-Uganda-Re-.pdf |
| Filesize | 342 KB |
| Version | paid report |
| Date added | Jul 29, 2022 |
| Category | Credit Rating Reports, Insurance |
| Tags | Uganda |
Uganda Re was incorporated in November 2000 and commenced operations in 2013. The company is the only locally licenced reinsurer in Uganda and benefits from 15% mandatory cessions on all treaty reinsurance business in Uganda. The mandatory cessions are provided for by the Insurance Act of Uganda caption 213, the Insurance (Amendment) Act No. 13 of 2011 and Regulations of the Insurance Regulatory Authority. The company’s major shareholders are Zep Re (PTA Reinsurance Company) (21%), Kenya Reinsurance Corporation (11%), UAP Insurance Company Limited (9%), Uganda Insurers Association (8%), Continental Reinsurance Company Plc (5%). Overall, 49.1% of the company’s shareholding is held by local insurance players while 44% is held by regional (re)insurers and the balance by individuals (1.5%) and brokers (5.6%). Since Uganda Re is not part of a group, the credit profile is based on stand-alone fundamentals.