FBC Holdings (Zimbabwe’s leading financial services entity) established a fully-fledged Reinsurance Company in Botswana as part of the company’s regional growth and expansion strategy. The new entity will operate as FBC Reinsurance Botswana and it is set to redefine the insurance landscape in Africa and the world at large through offering customised reinsurance solutions that meet the unique needs of clients.
The official launch event for FBC Reinsurance Botswana was held at Phakalane Golf Estate Hotel & Convention Centre in Gaborone recently. The high profile launch event was attended by delegates from the Botswana Investment and Trade Centre (BITC), Botswana’s Non-Bank Financial Institutions Regulatory Authority (NBFIRA), Zimbabwe’s Insurance and Pensions Commission(IPEC), captains of industry as well as FBC Reinsurance stakeholders, board members, management and staff members. The guest of honour was Ms Malebogo Kote (Manager Investment Promotion Botswana Trade and Investment Centre-BITC).
Speaking at the FBC Reinsurance Botswana launch cocktail, Ms Malebogo Kote said, “We are proud of being recognised as an investor friendly, lucrative, safe and profitable investment destination. Establishment of FBC Re in Botswana is testament to the Government’s firm commitment towards creating a conducive environment for attracting Foreign direct investment in the country. The launch of FBC Reinsurance Botswana is a great unifier as it brings Botswana and Zimbabwe together as one family. l have no doubt that this launch occasion also enabled FBC to identify more investment opportunities in this wonderful country which has made commendable progress in creating a conducive environment for attracting Foreign Direct Investments”.
FBC Reinsurance Botswana specialises in providing reinsurance solutions and risk management services to regional and global clients. The company has the experience, requisite competences and technical capacity to write all lines of life and non-life insurance on a facultative and treaty basis, property and casualty. The reinsurance company’s services include fire, motor, marine, aviation, agriculture, engineering, cyber risk insurance, miscellaneous accident political violence and terrorism.
Fbc Reinsurance Botswana is a wholly owned Strategic Business Unit(SBU) of FBC Reinsurance Zimbabwe which is part of the flourishing FBC Holdings Group. FBC Reinsurance has over 25 years of success in serving the unique needs of diverse companies in the insurance sector. The company was established in 1995 as Southern Africa Reinsurance Limited (SARE). It was then re-branded to FBC Reinsurance in 2004.
With over 25 years’ experience in the sector, FBC Reinsurance is a leading reinsurer with a proud record of service excellence to the insurance industry. The company provides risk transfer solutions to insurers in Africa and beyond. FBC Reinsurance’s key role is the provision of underwriting services that allow insurance companies to assume individual risks that are greater than their size would otherwise allow and protect the insurers’ balance sheet against catastrophic losses.
Addressing delegates at the FBC Reinsurance Botswana official launch cocktail, Kleto Chiketsani(FBC Reinsurance Managing Director) said the decision to establish the brand in Botswana was driven by the entity’s strong desire to offer specialised service that meet the unique needs of regional customers. “The establishment of FBC Reinsurance Botswana is of strategic importance for our valued clients as it gives the FBC Brand an edge in understanding our regional clients’ needs, maintaining stable, mutually-beneficial and long-term customer- relationships. FBC Reinsurance Botswana is led by Patrice Chikuyo (Managing Director) and the new unit has been fully capacitated with human, financial and technological resources that enables it to deliver top-notch customer experience for the benefit of our valued clients. FBC Re Botswana possesses the requisite technical insurance industry expertise, financial capacity, market insight, creative and technological capabilities required for providing relevant solutions that meet the unique needs of regional customers.
Speaking at the official launch of Fbc Reinsurance Botswana, Mr Herbert Nkala (FBCH Group Chairman) indicated that the establishment of an FBC Brand in Botswana defines the achievement of a vision that FBC Holdings has been striving to attain over the past 25 years. “From inception and in line with the FBC Group’s strong appetite for regional expansion, we have always had a vision to operate in Botswana. The FBC Corporate Visual Identity is blue which is consistent with the “Botswana” blue colour; an affirmation of a long standing aspiration to be in this beloved country. Our corporate identity is aligned to national colour identity of Botswana,” said Mr Nkala (FBCH Board) Chairman.
FBC Reinsurance Botswana is a service driven and customer-obsessed entity that is prepared to go the extra mile in serving our valued clients. Therefore, the entity’ value chain processes have been designed to meet or exceed all clients’ expectations. Commenting on the side-lines of the FBC Reinsurance Botswana launch cocktail, Dr John Mushayavanhu (FBCH Group CE) commended key stakeholders in Botswana for enabling FBC to operate in the country. “Allow me the liberties to extend my sincere and profound gratitude to the Republic of Botswana, Non-Bank Financial Institutions Regulatory Authority (NBFIRA) as well as the Botswana Investment and Trade Centre (BITC) for allowing the FBC Reinsurance brand to operate in this country. We treasure your support in accommodating the FBC Brand to be one of the key players in this country’s insurance sector,” said Dr John.
Roy Nyakunuwa (Head of FBC Group Marketing), said the FBC Brand continues to grow from strength to strength as a result of the unwavering support from clients and key stakeholders. “We are proud of launching the FBC Brand in Botswana as we position the brand for disrupting the regional insurance sector through championing the development of innovative and client-driven solutions to customer needs. We give thanks to our valued clients and all stakeholders for the invaluable support that has driven the outstanding success of FBC as a brand. Our preeminent ability to grow FBC from a dominant household name to a strong regional brand is an outstanding achievement that is anchored on strong client and stakeholder support. Therefore, we are forever grateful to our clients and stakeholders”.
FBC Reinsurance’s presence in Botswana contributes towards skills transfer. “As part of the process of establishing presence in Botswana, all staff members will receive comprehensive training on key reinsurance business processes. This will significantly contribute towards skills transfer. Knowledge transfer will not be limited to the employees of FBC Reinsurance, but will take an all-inclusive approach. Recently, FBC Reinsurance Botswana invited industry players for a comprehensive Reinsurance, Treaties and Technical Accounting Training in line with one of our corporate values, ‘lifelong learning’. Therefore, we organised this key training occasion for the insurance sector players because… “They Matter Most”
FBC Reinsurance continues to enjoy impressive recognition as a stable, flourishing and exceptional brand as evidenced by credit rating and industry recognitions. FBC Reinsurance’s underwriting capacity and strength is reflected in its A- credit rating from the Global Credit Rating, an international rating agency, which positions it above average industry and country rating. The entity’s products are an ironclad safety net for clients to leverage against unexpected accumulation of claims, whilst enjoying value added risk management advice and financial management services.