Uganda Reinsurance Company Limited (Jul 2022)

statistical-img (1)
Credit Reports

Over 1500 reports, spanning 22 countries, detailing GCR’s opinion regarding the creditworthiness of an entity, a security or financial instrument, or an issuer of securities or financial instruments.

industry-img (1)
Industry Reports

A collection of publications, providing you with key industry analysis and insights across various geographical regions.

SFresearchsite (1)
Monitoring Updates

Dashboards exhibit key performance metrics related to Structured Finance transactions publicly rated by GCR, which include credit enhancement levels, excess spread, defaults, recoveries and covenants.

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.