ZEP-RE insurance to enhance African presence

By Ronald Njoroge
Kenya-based Pan African reinsurance company ZEP-RE said Friday it plans to enhance its African presence, focusing on three countries.

ZEP-RE Managing Director Mr. Rajni Varia told journalists in Nairobi that firm’s sphere of business operations has broadened to over 50 countries in Africa, Asia and the Middle East.
"We plan to operate regional hubs in Kenya, Zimbabwe and Ivory Coast so as to establish a continent wide footprint," Varia said during the 23rd Annual General Assembly of ZEP-RE.
He said that Africa is one of the fastest growing regions in the world and the company hopes to tap into emerging opportunities.

ZEP-RE has diversified its membership base from the original governments and national re-insurers to private companies and development finance institutions.

"The Africa Development Bank and Germany’s government investment arm DEG maintains 13 and 11 percent shareholding respectively," he said.

The re-insurance firm was formed so as to facilitate trade within the Common Market for Eastern and Central Africa (COMESA) trading bloc.
"We have already acquired stakes in national re-insurance companies in Kenya, Ghana and Tanzania," he said. PTA Reinsurance Company doesn’t have operations in North and South America.
ZEP-RE Chairman William Erio said that the good performance of regional economies has translated into a good year for the company.
"Africa largely managed to ride most of the ill effects of the global financial crisis as overall economic growth remained positive," Erio said.
He said that the ZEP RE gross premium underwritten reached 100 million U.S. dollars in 2013 up from 87 million dollars the previous year.

Shareholders’ fund also expanded from 78 million in 2012 to 105 million in 2013 while total assets increased from 154 million dollars to 201 million last year.

The chairman said that the firm recorded a profit of 15 million dollars in 2013 compared to 11 million in 2012.

Source Xinhua