Zimre Holdings Limited (ZHL), a Zimbabwean insurance group, has announced the amalgamation of its two reinsurance subsidiaries in Botswana, following a recent change in the country’s law that allows international financial condition standard (IFCS) companies to underwrite domestic business.
EmeritusRe International: A New Chapter
EmeritusRe International is the new name of the combined entity, which was formed by merging Emeritus Reinsurance Botswana and Emeritus Reinsurance International. The latter was established in 2010 as an IFCS company and a holding company for all the group’s reinsurance companies outside Zimbabwe. ZHL owns more than 50% of Emeritus International and has significant influence over its operations and strategic direction.
According to Patience Marwiro, the managing director of Emeritus International, the IFCS status previously barred the company from writing domestic business in Botswana, necessitating the creation of a separate entity, First Reinsurance Company, later renamed Emeritus Reinsurance Company 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 January 1, 2024,” Marwiro said at the amalgamation ceremony in Botswana.
She added that the amalgamation signified a new chapter in the group’s journey, as it enabled it to underwrite more business, explore new product offerings and enhance its market presence.
A Robust and Innovative Approach
Based on a report by Newsday Zimbabwe, Stanley Kudenga, the group chief executive officer of ZHL, said that the group’s strategic partnerships across African markets had given it a unique understanding of diverse landscapes in its chosen markets.
“With our recent amalgamation with Emeritus International Reinsurance Company Limited, our balance sheet has grown, providing us with the resources to not only continue but to exceed prior expectations. What this means to our valued clientele is that we are better equipped to meet your reinsurance needs,” Kudenga said
He also said that the group had rebranded its reinsurance arm to the mono brand Emeritus Reinsurance in 2018, after the unbundling exercise of ZHL that enabled the reinsurance arm to thrive in various countries as Baobab (Zim), FirstRe, MozRe, Malawi Re and ZamRe.
EmeritusRe International, which has subsidiaries in Malawi, Zambia and Mozambique, and an investment footprint in Kenya, Uganda and Eswatini, aims to provide a robust and innovative approach to meeting the reinsurance needs of its clients in Botswana and beyond, with a vision of becoming a leading reinsurance company in Africa.
