Times Of Swaziland: PSPF, TANZANIA REINSURANCE’S E60  MILLION HISTORIC PARTNERSHIP

PSPF, TANZANIA REINSURANCE’S E60  MILLION HISTORIC PARTNERSHIP
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BY KWANELE DHLADHLA on 30/10/2017 08:32:00


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.