First Reinsurance Botswana
First-Class ReinsurersWriter: Emily JarvisProject Manager: Callum Philp Established in 2009, First Reinsurance Botswana (First Re Botswana) is the latest arm of the wider Emeritus International Reinsurance Group (Emeritus Re), created to capitalise on the growing demand for financial service expertise in the country. As first-movers in Botswana, First Re is working hard to strengthen the market’s understanding of reinsurance products and the benefits they bring to insurers.“The law in Botswana was favourable for reinsurance services, and we were the first reinsurers to take advantage of this regulatory environment, starting with Emeritus Re becoming a registered International Financial Services Centre (IFSC) accredited holding Company,” highlights Leo Huvaya, Group Managing Director of Emeritus Re.The Group has significant sub-Saharan presence in a selection of rapidly growing financial markets via its operations in Botswana, Mozambique, Malawi, South Africa and Zambia; benefitting from a strong pedigree and successful track record of utilising its expertise to help insurers find capital for risk transfer.“Quick turnaround time especially on claims settlement is critical in our business. We always want to show our customers that we offer a professional and efficient service, and we are constantly looking for ways to become more relevant and get closer to our clients. Our aim is to give our shareholders a better return on investment and improve our credit ratings. All these components have resulted in local investors who are keen to partner with us. Our major competitive advantage is that we are always first to pay all our obligations on time; an element which all players in the market…
First Reinsurance Brokers Ltd
Transforming Africa’s Reinsurance LandscapeWriter: Emily JarvisProject Manager: Callum Philp First Reinsurance Brokers Ltd (FirstRe) was incorporated in 1993 and licensed by the Insurance Commissioner as the first locally-owned Kenyan reinsurance broker to transact reinsurance broking services. During the renewal of reinsurance treaties for the year 1994 in the Kenyan Market, FirstRe managed to book its first business. Since then, there was no looking back.The Company was established on the backdrop of a quest to help the African insurance industry enhance technical capacity in both the insurance and reinsurance sectors. Prior to the establishment of FirstRe, the majority of reinsurance brokerage services for the region’s industry were done by foreign brokers, either from the UK market or Asia, with particular interest from India.FirstRe was the first to set up shop in the local reinsurance market in Nairobi, Kenya. Ordinarily, being a first-mover would prove advantageous in the early stages; already ahead of the competition in terms of superior brand recognition and customer loyalty. “However, due to many foreign briefcase reinsurance brokers from Europe and Asia, early business was lost as cedants were unaware and uneducated in terms of the value-add services that could come from a local reinsurance broker. At this time, there was also the issue of local outfit mistrust and the attitude that nothing good could come from a local company,” further explains Group Managing Director, Mrs Jacinta Karita. “FirstRe had to prove itself capable of the level of technical knowledge, professionalism, availability and dedicated service delivery that had previously only been associated with international business; then…
