Published on Atlas Magazine (https://www.atlas-mag.net)

First Mutual Reinsurance

Magazine Issue:

Reinsurance at the crossroads [3]

Magazine date:

Jan 2023

	DATE OF CREATION: 2003, Zimbabwe
	CLASS OF BUSINESS: Non life
	MAIN UNDERWRITING ZONE: Africa

First Mutual Reinsurance: contact

Address : First Mutual Park, 100 Borrowdale Road, Borrowdale, P.O. Box BW 178, Harare, Zimbabwe

Tel: +263 (242) 886000 - 17

Email: info [at] firstmutual [dot] co [dot] zw

Website:www.firstmutual.co.zw [4]

First Mutual Reinsurance: rating

Agency	Rating	Outlook
GCR	BBB (zw)	Stable

First Mutual Reinsurance: main indicators

in thousands USD

	2020	2021
Turnover	2 799	6 912
Shareholder’s equity	2 501	4 426
Net result	1 341	2 105

First Mutual Reinsurance: capital and shareholding

Shareholder	In %
First Mutual Holdings	100%
Share capital ⁽¹⁾	714 000 USD

⁽¹⁾ Including share premium

First Mutual Reinsurance: technical ratios

	2020	2021
Net loss ratio	51.72%	45,54%
Net management expenses ratio	127.93%	137,33%
Net combined ratio	179.65%	182,87%

First Mutual Reinsurance: management

Oliver Mtasa	Group chairman of the board
Douglas Hoto	Group managing director
Bongai Muhau	Managing director
Isaac Zinhanga	Operations executive
Mativenga Chihwenga	Finance executive

First Mutual Reinsurance: regional structure

Gaborone

Botswana

Exchange rate as at 31/12/2020: 1 ZWL = 0.01223 USD ; 31/12/2021 : 1 ZWL = 0.00920 USD

Sources: Insurance & Pensions Commission (IPEC) and First Mutual Re

Read also | Reinsurance in Sub-Saharan Africa [5]

Wed, 01/02/2023 - 08:52

Source URL: https://www.atlas-mag.net/en/article/first-mutual-reinsurance-1

Links:
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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-197-january-2023
[4] https://www.firstmutual.co.zw/
[5] https://www.atlas-mag.net/en/article/reinsurance-in-sub-saharan-africa