ZEP RE

Set up officially in 1990 by the member States of COMESA (Common Market for Eastern and Southern Africa), ZEP RE started out its reinsurance underwritings on January 1, 2003 under the name of PTA Re, with its head office being located in Nairobi (Kenya).

Endowed with an authorized capital of 100 million USD and benefiting from a preferential market stretching from Djibouti to Mozambique and Angola, the new company is undergoing a steady development of its turnover which more than doubled since the posting of its first balance sheet in 2003.

Just like Cica Re in West Africa, ZEP RE brings in a substantive reinsurance capacity to the local insurers whom they value as an important technical support.

In an effort to face the growth of its premium volume and provide a proximity service to its customers, ZEP RE has established underwriting offices in Douala (Cameroon), Lusaka (Zambia) and Khartoum (Sudan).

There is no doubt that after its promising start, ZEP RE will soon become the reference reinsurer that Eastern Africa has been seeking for a long time.

Michael GondweRajni Varia
ChairmanManaging Director

ZEP RE in 2008

Authorized capital
100 000 000 USD
Paid up capital
29 998 013 USD
Turnover
45 986 500 USD
Shareholder's equity
31 322 584 USD
Total assets
64 463 431 USD
Underwriting profit
4 187 865 USD
Net result after tax
1 910 268 USD
ROE
6.1%
Loss ratio
52.96%
Combined ratio
79.2%
Number of branches
3 (Cameroon, Zambia and Sudan)
Number of employees
38 (including branches )

Management

Managing Director
Rajni Varia
General Manager
Hope Murera
Operations Director
Ronald Kasapatu
Finance Director
Benjamin Kamanga
Secretary General
Jerry Sogoli
Chief Accountant
Sammy Silamoi
Human Resources and Administration Manager
Joseph Nabimanya
ICT Manager
Victor Chasinda

Main shareholders

The member States
The insurance and reinsurance companies of the COMESA zone

Main financial highlights: 2004-2008

in USD
 20042005200620072008
Gross written premiums
24 373 05726 900 03532 474 91037 923 56445 986 500
Written premiums net of reinsurance
18 834 06519 520 50525 163 23929 536 93536 892 542
Net earned premiums
19 054 06719 098 22823 759 75127 720 24134 894 101
Net incurred losses
9 943 51510 181 59314 562 67316 927 17218 479 657
Net loss ratio
52.19%53.30%61.30%61.06%52.96%
Management expenses
• Overhead expenses
• Commission expenses
6 309 688
1 781 027
4 528 661
7 089 892
1 822 216
5 267 676
8 145 314
2 098 537
6 046 777
9 683 269
2 649 034
7 034 235
12 043 556
3 295 040
8 748 516
Underwriting profit
2 357 6521 729 418979 383971 6844 187 865
Net result after tax
2 036 9191 837 3492 475 3855 255 9871 910 268

Evolution of premiums, losses, management expenses and results

in thousands USD in thousands USD

Turnover's evolution per class of business: 2004-2008

in thousands USD
 200420052006200720082008 shares2007/08 growth
Fire and accident
20 89422 43025 08828 79733 49172.83%16.30%
Marine
2 9163 3423 8705 2534 95710.78%-5.63%
Life
5631 1283 5163 8737 53816.39%94.63%
Total
24 37326 90032 47437 92345 986100%21.26%

Breakdown per class of business in 2008

Ratios' evolution 2004-2008

1 Management expenses on written premiums

Contact




Head office
8th Floor, ZEP–RE Place, Longonot Road,
Upperhill, Nairobi, Kenya
Phone
(+254) 20 497 3000
Fax
(+254) 20 273 8444
Email
mail [at] zep-re [dot] com
Website

Thanks: We thank ZEP RE for their kind assistance in the conception of of this survey.

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