Africa-Press – Botswana. ZimRe Holdings (ZHL) has combined its two Botswana reinsurance businesses after changes to the law enable it to underwrite domestic business.
The two units, Emeritus Reinsurance Botswana and Emeritus Reinsurance International, have been merged under the flagship of EmeritusRe International, reported NewsDay. The amalgamation took effect on 1 January 2024.
ZHL is the majority shareholder in Emeritus Reinsurance International with a stake of over 50%.
Emeritus Reinsurance International was formed in Botswana in 2010 as an International Financial Condition Standard (IFCS) company and as the holding company for all the group’s reinsurance companies outside Zimbabwe.
Speaking at the amalgamation ceremony in Botswana recently, Emeritus International Reinsurance managing director Patience Marwiro said that there had been a need to form First Reinsurance to undertake domestic business. The company was later renamed Emeritus Reinsurance in 2018.
“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 1 January 2024,” she said.
She added, “The operational company in Botswana is Emeritus International, a holding company with subsidiaries in Malawi, Zambia and Mozambique, plus an investment footprint in Kenya, Uganda and Eswatini.”
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