Kenya Re intends to strengthen its presence in East Africa through the establishment of a subsidiary in Uganda. It is during the next annual general meeting, scheduled for June 14, 2019, that the reinsurer will unveil the financial and regulatory terms of the new entity.
Kenya Re is already present in Uganda through a share of 11.5% in the capital of Uganda Re.
According to Jadiah Mwarania, CEO of Kenya Re, the company has been penalized in recent years by the creation of State-owned reinsurers and by the domiciliation of premiums in several markets such as Uganda, Ethiopia, Zimbabwe, Ghana, Sri Lanka, Nepal and Vietnam. To address these constraints, the reinsurer plans to create regional offices and conquer new markets in North Africa, the Middle East and Asia.
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