By Wallace Mawire
Zimbabwe’s FBC Reinsurance Limited is almost ready to commence operations in Mauritius in a bid to diversify the earnings source of its reinsurance portfolio, according to John Mushayavanhu, FBC Holdings Limited CEO.
According to Mushayavanhu, the company has submitted the required documentation seeking regulatory approval from the relevant authorities in the respective jurisdiction.Mushayavanhu said in the last Annual General Meeting (AGM) of the company to present end of May 2018 results that the bank was hoping to commence reinsurance business in Mauritius in the third quarter of 2018.
In his 2018 analyst briefing to present interim results for the six months ended 30 June 2018, Mushayavanhu said that the company held a meeting last week with Mauritian authorities on the licensing issue and was confident that in a week’s time or a bit more, the company would be in a position to commence their reinsurance business in Mauritius .
In his previous presentation at the last AGM, Mushayavanhu indicated that should Zimbabwe’s economy open up, they were optimistic that there will be a better contribution coming from FBC Reinsurance Limited.
He also highlighted that the company had strategic partnerships with top rated specialist markets which cover risks arising from cyber risks, political unrest and terrorism.
According to the FBC Holdings Limited annual report for 2017, FBC Reinsurance recorded a gross premium income of US$20,6 million which is 30% higher than the US$15,8 million underwritten in 2016, as investment in Life and Health Reinsurance business lines gradually begins to pay off.