EAST AFRICA: East Africa Reinsurance Company Limited has expanded its operations by establishing a first subsidiary, East Africa Reinsurance (Tanzania) Company Limited, in Tanzania.
A statement issued by the company said the Tanzania Insurance Regulatory Authority (TIRA) has licensed East Africa Reinsurance (Tanzania) as a local Reinsurance Company in Tanzania, effective November 8 2023.
“This significant milestone marks a strategic step in increasing the Company’s footprint in Africa and its commitment to offering exceptional service to clients,” read the statement, issued by EARe CEO, Mr Peter Maina.
“The Company has actively participated in the treaty and facultative programmes of leading insurers in the Tanzanian market. To date, Tanzania is the Company’s second-largest market by premium,” he added.
The EARe CEO expressed his enthusiasm about this milestone, stating, “We are excited about this new chapter in our Company’s history. Establishing our first subsidiary in Tanzania underscores our commitment to expanding our reach and strengthening our presence in the East African market.”
He said the development aligned with EARe’s mission of providing quality, innovative and customer-centric reinsurance solutions, excellent service and enhanced value to all stakeholders.
“We look forward to securing solid partnerships in Tanzania and to contributing to the country’s growth and development,” he stressed.
The Commissioner of Insurance in Tanzania, Dr Baghayo Saqware, welcomed the EARe and commended the establishment of EARe’s subsidiary in Tanzania.
“We welcome EARe’s commitment to enhancing the insurance landscape in Tanzania. This expansion not only reflects the company’s confidence in our market but also contributes to the growth and stability of our insurance industry. We look forward to a mutually beneficial partnership that will serve the interests of both EARe and the Tanzanian insurance sector,” Dr Saqware stated.
Tanzania stands out as one of Africa’s rapidly expanding economies buoyed by favourable macroeconomic conditions.
According to Mr Maina, EARe Tanzania will serve as a platform for the Company to leverage its extensive experience in reinsurance, risk management, and financial protection.
This will enable the Company to provide tailored solutions that address the unique needs of the local market. EARe’s unwavering dedication to excellence, financial stability, and customer satisfaction will remain at the forefront.