Lusaka, Thursday, 5 December 2019: The PTA Reinsurance Company (ZEP-RE) has launched a US$36 million Business Park in Zambia’s capital Lusaka. This is the largest single investment in real estate for the COMESA institution in the Eastern and Southern African region.
The nine floor star-shaped-environmentally-friendly building was officially launched by Zambia’s President Edgar Lungu who commended ZEP-RE and COMESA for implementing infrastructure projects that will help further deepen regional integration and contribute to improving the living standards of the people.
“This investment, in addition to other achievements in the region, including perfect across-the border investment opportunities for governments and entities, are a clear example of ZEP-RE’s commitment to real economic growth in our region,” President Lungu added.
The company’s support in the region has enabled the provision of low-cost housing, long term savings or pension coverage, health insurance and insurance coverage of farmers.
Established in 1990, ZEP-RE is one of the most successful COMESA institution with 37 States as shareholders from the initial five. It has also opened offices in eight countries and writes business in over 60 countries within and outside Africa.
ZEP-RE Board Chairperson Mr. William Erio said the company has so far underwritten premiums currently standing at US$1 billion with claims paid at US$700 million on cumulative basis. The company is now also rated B++ by AM Best and AA+ by GCR and has set up the ZEP-RE Academy responsible for capacity building and industry thought leadership.
COMESA Secretary General Kapwepwe said Zep-Re was undoubtedly the leader in reinsurance business in Africa and a success story that everyone should be proud of.
“ZEP-RE has championed a comprehensive financial inclusion and literacy programmes that will ensure sustainable socio-economic development and better standards of living,” she said.
At the launch, ZEP-RE also received accolades for promoting growth of the insurance and reinsurance business on the continent, leading to its business spread beyond its original focus, the eastern and southern Africa region.
COMESA and ZEP-RE collaborates to strengthen the operations of the COMESA Third Party Motor Vehicle Insurance Scheme- Yellow Card and the Regional Customs Transit Guarantee operations. Its objective is to grow utilization and efficiency of the cross-border trade instruments as ZEP-RE is the Reinsurance Pool Manager for both schemes.
The commissioning of the ZEP-RE Business Park coincides with the 25th Anniversary celebrations of COMESA.
Present at the ceremony was Ms Hope Murera and Zambia’s Minister of Finance Dr Bwalya Ng’andu among other dignitaries.