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GCR Ratings Agency has assigned a national financial strength rating of B-(BW) to P &C Reinsurance Company Proprietary Limited, a Botswana-based reinsurance company. The outlook on the rating is stable.
The agency has also assigned a national financial strength ratings, all with stable outlooks, for the following country markets:
- The Democratic Republic of the Congo (DRC): AAA
- Malawi: AAA
- Mozambique: AAA
- Zambia: AAA
- Zimbabwe: AAA
P&C Reinsurance Company is a wholly owned subsidiary of ZB Financial Holdings, a diversified financial conglomerate with interests in banking, insurance, and investments.
The reinsurer commenced operations in July 2022 after receiving approval from the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) to underwrite non-life reinsurance business both domestically and internationally.
P & C Reinsurance Company underwrites business all over Africa and since its inception, the company has delivered strong growth in its results.
P&C Reinsurance: evolution of results 2022-2025
Figures in thousands
| 2022 (Starting July) | 2023 | 2024 | 2025 | |||||
| BWP | USD | BWP | USD | BWP | USD | BWP | USD | |
| Gross written premiums | 9 000 | 695 | 35 500 | 2 618 | 60 000 | 4 276 | 120 000 | 9 035 |
| Insurance Service Results | 2 300 | 178 | 29 200 | 2 154 | 53 000 | 3 777 | 99 000 | 7 454 |
| Net profit | -3 300 | -255 | 10 500 | 774 | 13 700 | 977 | 18 300 | 1 378 |
Explore | Atlas Reinsurance Reports: Africa - 2026
