ZB Financial Holdings establishes reinsurance unit in Botswana
ZB Financial Holdings has set up a reinsurance unit in Botswana – P&C Reinsurance – as part of the group’s strategy to expand footprint into the region and diversify revenue streams.
The group’s regional expansion plans have been on-going with the company considering setting up regional financial services in Mauritius and Botswana.
Group chief executive, Shepherd Fungura, said the move into Botswana is part of a deliberate strategy that aligns with a vision of becoming a leading, globally acclaimed financial services firm in Africa.
“From a strategic point, ZBFH was motivated to establish presence in Botswana due to the need to grow in the region and diversify streams.
“For the ZBFH group, this move is a stepping stone for identifying further growth opportunities in its key areas of specialisation, banking, insurance and investments not only in Botswana but the rest of the continent,” he said.
P&C Reinsurance commenced operations in July 2022 and was officially launched on November 8, 2022 and writes short-term reinsurance business in Botswana and the rest of Africa.
Fungura said the company has its own separate retrocession programme protecting its acceptance and offers a full range of reinsurance products and services including fire, motor, engineering, liabilities, crop and livestock insurance.
“The company took note of Botswana’s desire to increase livestock and crop production in its agriculture initiatives and promised to complement with appropriate insurance products for the protection against insurable perils,” he said.
Fungura said P&C will aggressively pursue digitalisation as part of the ongoing One Digital ZB transformation journey and this will ensure that it will not be restricted by physical location.
The regional unit is headed by general manager, Boas Manzvera, whose team has a combined experience extending 30 years.
Manzvera said the impact of P&C is already making an impact into the market and has already secured some business.
ZBFH is currently pursuing an aggressive digital transformation programme that has culminated in a massive rebranding and digitisation of processes and procedures among them mobile and internet banking.
Fungura said the strategic focus into 2023 will be growing and expanding the business beyond Zimbabwe by increasing its footprint in the continent.
During the half year period to June 30, 2022, ZB Reinsurance’s net profit after tax in inflation adjusted terms, improved from $277,56 million in 2021 to $990,70 million.
The company’s total assets increased from $4,073 billion as at 31 December 2021 to $5,660 billion (as at June 30, 2022, representing a 203 percent increase.-ebusinessweekly
