Zambia Reinsurance Plc (Oct 2023)

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Filename Zambia-Re-Public-Credit-Report-Oct-2023.pdf
Filesize 469.27 KB
Version paid report
Date added October 4, 2023
Category Credit Rating Reports, Insurance
Tags Zambia

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.