Zimre parts ways with some of its assets

Zimre announces the sale of 49% of its Malawian non life subsidiary United General Insurance (UGIC) for 1.3 million USD to NicozDiamond in which it holds 28.58%.

UGIC is one of the leading non life insurance companies in Malawi. Upon this move, Zimre’s residual stakes in UGIC amounted to 25%.

This sale follows the restructuring of its reinsurance subsidiary Baobab Reinsurance whose work force has been reduced by half. Last June Zimre expressed its desire to have the group refocus on its reinsurance business. In November 2014, the reinsurer was seeking about 7 million USD out of asset sales and another 10 million USD through loans.