Mozambique: Zimbabwean group opens reassurance firm in Maputo

8 November 2007

Maputo, Mozambique, 8 Nov – The first reassurance company in Mozambique, Zimre Moçambique, was publicly launched Tuesday evening in Maputo at a ceremony attended by Mozambique’s Finance Minister, Manuel Chang.

The main shareholder of the reassurance company, with 51 percent, is Zimre (Malawi) a subsidiary of Zimbabwe’s Zimre Holdings, and its minority shareholders are Continental Reinsurance of Nigeria, with 19 percent, Instituto de Gestão de Participações do Estado de Moçambique, with 20 percent and insurance company Empresa Moçambicana de Seguros- Emose, with 10 percent.

During the single party regime, Emose was the only authorized insurance company in Mozambique, but since the sector was liberalized four companies are now operating in the market.

Chang said at the ceremony that the insurance portfolio in the country had grown since 2002 at annual average of 15 percent, and was worth US$58.5 million at the end of 2006.

Praising the setting up a reinsurer in Mozambique, the minister noted that it meant greater internal retention of risk, thus minimizing the impact of foreign currencies on the payment of premiums to foreign reinsurance companies. (macauhub)