At its meeting in
The request was submitted to the AfDB as part of the final phase of ZEP-RE's capital base increase programme. The company intends to use this additional funding to support the next phase of its ambitious strategic business plan.
Under the terms of this plan, ZEP-RE is seeking to expand its reinsurance services in
"The AfDB is committed to supporting ZEP-RE and retaining its shareholding with a view to boosting the company's credit rating. This process also involves the provision of additional equity investment," explains
ZEP-RE's vision is to be a world-class leading reinsurer and to provide first-class security and services to its clients. Among its objectives, ZEP-RE seeks to:
•Foster the development of the insurance and reinsurance industry in the COMESA sub-region,•Promote the growth of national and sub-regional underwriting and retention capacity, and Support sub-regional economic development.
ZEP-RE's capital base increase project will make an important contribution to the development of the insurance and reinsurance industry in the region. It will help to boost the company's underwriting capacity and will ensure that it is better placed to meet regional insurance sector needs. This additional capacity will also help to drive down retrocession costs and will improve overall risk coverage.
ZEP-RE is a specialist reinsurance company founded in 1990 to foster the development of the insurance and reinsurance industry in the COMESA sub-region. Its headquarters are based in
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