The Kenya Reinsurance Corporation has announced the launch of its new regional office in Zambia with the aim of further growth in the African continent.
Speaking during the Kenya insurance industry cocktail event held last month at Sankara Hotel in Nairobi, Kenya Reinsurance Corporation Ltd, managing director, Jadiah Mwarania said that the move was aimed at boosting business growth as well as strengthening the reinsurance business relationship in Southern Africa.
“We are pleased to launch our Zambia regional hub in the hope of expanding our existing and new business opportunities within the Southern African region. Our success will be premised on our expertise and market knowledge amplified by the outstanding human resource capacities,” he said.
The new regional office, which was officially launched on November 11, is based in Zambia’s capital city, Lusaka. It will be serving some of the Southern African region states, which include Namibia, Zambia, Zimbabwe, Botswana, Mozambique, Lesotho, Swaziland, Malawi and Angola. The reinsurance company, which has been in the market for a while, looks to transfer their experience, expertise, innovative reinsurance services, risk management and customized solutions to the large market in southern Africa.
The Kenya reinsurance corporation will be anticipating increase in growth as well as great success especially after the Zambian government recently introduced a trade strategy that encourages local and international investment. During his inaugural speech, the new President of Zambia, Edgar Chagwa called for economic diversification through progressive commercial diplomacy, which attracts both foreign and local trade investment. This will be a different approach as the nation has previously held a mono economy mostly reliant on copper mining.
The company posted a pretax profit of Sh2.1 billion for the 2016 half year financial results as a result of expanding the reinsurance organization both locally and internationally. The company looks to maximize more profits as they expand more in the African continent.