PSPF, TANZANIA REINSURANCE’S E60 MILLION HISTORIC PARTNERSHIP

MBABANE – Ezulwini Reinsurance Company, which boasts of an over E60 million (US$5 million) share capital, has officially been launched.

The first re-insurance company to be licenced by the Financial Services Regulatory (FSRA) is a partnership between Public Service Pensions Fund (PSPF) (51 per cent) and Tanzania Reinsurance Company (49 per cent). The company, whose name has been inspired by the fastest developing town in the kingdom, Ezulwini, seeks to actively manage capital to ensure risk capital adequacy at all times. The reinsurance firm will from time to time ensure that the level of capital is adequate to meet stakeholder obligations. Chairman of the Ezulwini Reinsurance Board of Directors, Cleopas Dlamini, explained that in line with their vision to become one of the biggest insurers in the African region and beyond, they would continue to be on the lookout for opportunities to bolster shareholding structure and capital base.

Tanzania Board Chairman Wilson Ndesanjo said it gave him great pleasure on behalf of his board to express gratitude to the Swazi Government for allowing their company to operate in the kingdom. “Ezulwini Reinsurance is a product of our strategic plan to expand our tentacles in Africa. This project gives us an impetus to service the Southern African market,” said Ndesanjo. He enunciated that the company was already doing business in more than 44 African countries through the Der Es Salaam office. Ndesanjo said their southern African market is made up of Mozambique, Botswana, Lesotho, Namibia, Zimbabwe, Malawi and Zambia. “It is in that vein that Tanzania Reinsurance saw it fit to invite a giant financial (in PSPF),” said Ndesanjo.

Minister for Finance Martin Dlamini, who was represented by Minister for Public Service Owen Nxumalo, gave acknowledgement to Tanzania Reinsurance, who through their opportunity identification process in the kingdom, had facilitated African regional integration through Foreign Direct Investment (FDI). “This augments the spirit of partnership. I would also like to believe that in the same context, you also create opportunity linkages for specialist technological knowledge transfer,” Dlamini said. Financial Services Regulatory Authority (FSRA) Chief Executive Officer (CEO) Sandile Dlamini said granting of the Ezulwini Reinsurance licence was the an icing on top of the insurance industry development cake which currently has 10 players. Tanzania Commissioner of Insurance Dr Baghayo Saqware said they were glad that Tanzania Reinsurance had expanded to Swaziland. He said this was a sign of efficient service provision. “The FSRA should have comfort in Tanzania Reinsurance because they are a good company that thrives in good corporate initiatives,” said Saqware.           

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