Africa-Press – Botswana. Zimre Holdings Limited (ZHL), an investment holding company, has combined its two Botswana reinsurance businesses after changes to the law enabled it to underwrite domestic business, according to a NewsDay report.The report states that the two units – Emeritus Reinsurance Botswana and Emeritus Reinsurance International – have been combined under the flagship of EmeritusRe International.
Moreover, this move comes as recent changes in law now allow for International Financial Condition Standard (IFCS) businesses to underwrite domestic business.
It is important to highlight, that ZHL is the majority shareholder in Emeritus International with a stake of over 50%, and the ownership structure allows ZHL to exert major influence over the operations and strategic direction of the organisation.
In addition, Emeritus International Reinsurance Company was established in Botswana in 2010 as an IFCS company and as the holding company for all the group’s reinsurance companies outside Zimbabwe.Emeritus International managing director Patience Marwiro, who spoke at the amalgamation ceremony in Botswana recently, said that as an IFCS company, the law barred it from writing domestic business in Botswana.
She said: “Recent changes in the law have allowed the IFCS companies to write domestic business. There is, therefore, no need for the two separate entities in Botswana, hence the recent amalgamation which takes effect on January 1, 2024.”
Adding: “The operational company in Botswana will be Emeritus International, a holding company with subsidiaries in Malawi, Zambia and Mozambique, plus an investment footprint in Kenya, Uganda and Eswatini.”
Marwiro also stated that the amalgamation signified “a new chapter in the group’s journey”, as well as a new chapter as the strategic move allowed it to underwrite more business, as well as explore new product offerings and enhance its market presence.
She added: “Rest assured, this amalgamation will not disrupt our operations. Instead, it will fortify our capabilities and offerings. What Botswana and our wider clientele should expect from Emeritus Reinsurance is an even more robust and innovative approach to meeting your reinsurance needs.”
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