Zimre Holdings Limited now controls an 80 percent stake in Credit Insurance Zimbabwe (Credsure) following a successful rights issue meant to recapitalise the business.
BancABC, ZB Reinsurance, ZB Bank, Credsure Staff Share Trust control the remaining shareholding. Credsure is an insurance company that was formed in 1965. It used to provide credit insurance services only but diversified into general insurance in 2007.
The insurance company was also formed to facilitate export finance by cession of Credit Insurance Policies to Financial Institutions and Suppliers. The company is also a specialist provider of Construction Bonds and Guarantees.
Credsure became a member of the International Union of Credit and Investment Insurers (Berne Union) and enjoyed full international standing through this membership.
Credsure head of credit division Shepherd Tembo while making a presentation made at the Zimbabwe Building Contractors Mashonaland region breakfast stakeholders meeting last week said the company was now compliant with the requirements of the Insurance and Pensions Commission of Zimbabwe.
“Recently we successfully completed a rights issue and we are a subsidiary of the Zimre Holdings Limited (with over 80 percent shareholding). Other shareholders after the rights issue are, BancABC,ZB Reinsurance ,ZB Bank,Credsure Staff Share Trust.”
He said Credsure can now authentically claim to have the largest product offering in the Zimbabwean market.
In its report for the six months to June 2016, the Insurance and Pension Commission said Credsure had a $1,3 million capital position.
Zimre Holdings has also come up with a clear corporate parent strategy, as it moves to position itself as a turnaround case with a very strong portfolio of assets. Zimre said it is targeting to create an offshore investment company, which will be based in Botswana, to house regional outfits.