Uganda Reinsurance Company Explained

Uganda Reinsurance Company
Type:Private
Key People:Twaha Kigongo Kaawaase
Chairperson of the Board
Ronnie Musoke
CEO
Industry:Reinsurance, Insurance
Homepage:Homepage
Location:Kampala, Uganda

Uganda Reinsurance Company Limited commonly referred to as Uganda Re is a reinsurance company based in Kampala, Uganda. As of July 2022, it was the only locally registered, licensed reinsurer in Uganda. The company is privately owned.[1]

Overview

Uganda Re is the oldest and only locally registered reinsurer in Uganda. The company was established in 2000. It began commercial operations in 2013. Under current Uganda insurance laws, Uganda Re is guaranteed 15 percent re-insurance business generated within Uganda.[1] [2]

As of January 2020, there were four reinsurance companies operating in Uganda. These were (a) Zep Re (b) Africa Re (c) Kenya Re and (d) Uganda Re.[3] The company undertakes reinsurance business from the African continent and the Indian Ocean Islands. Uganda Re reinsures both life and non-life insurance policies.[4]

As of March 2023, Uganda Re's shareholders' capital was reported as US$4,142,000.[5]

Ownership

The shares of the stock of Uganda Reinsurance Company are privately owned. The table below illustrates the major shareholders in Uganda Re.[1]

Rank !!Name of Owner!!Domicile!!% Ownership
1
2Kenya Re Kenya
3Old Mutual Insurance Company Kenya
4Uganda Insurers Association Uganda
5Local Insurance Brokers Uganda
6Continental Reinsurance Company Nigeria
7Local Individuals Uganda
7Other Institutional Investors Africa
Total

Governance

Uganda Re is governed by a seven-person board of directors, chaired by Twaha Kigongo Kaawaase.[6] The company's chief executive officer is Ronnie Musoke.[7]

See also

External links

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Notes and References

  1. Web site: GCRatings.com (GCR) . 22 July 2022 . Uganda Reinsurance Company Limited (Jul 2022) . GCR . 4 September 2023 . Ebène, Mauritius.
  2. Web site: 26 April 2016 . Uganda Reinsurance Company Limited . Africa Outlook Magazine . Phoebe Calver . 4 September 2023 . Norwich, Norfolk, United Kingdom.
  3. Web site: . 13 January 2020 . Reinsurance is growing; what does this mean to consumers . Daily Monitor . 4 September 2023 . Kampala, Uganda.
  4. Web site: About Us . Uganda Reinsurance Company Limited (URCL) . 4 September 2023 . URCL . 4 September 2023 . Kampala, Uganda.
  5. Web site: Uganda Re Technical Highlights . March 2023 . Atlas Magazine . Atlas Magazine . 4 March 2023 . Tunis, Tunisia.
  6. Web site: Uganda Reinsurance Company Limited: Board of Directors . Uganda Reinsurance Company Limited (URCL) . 4 September 2023 . URCL . 4 September 2023 . Kampala, Uganda.
  7. Web site: Uganda Reinsurance Company Limited: Senior Management Team . Uganda Reinsurance Company Limited (URCL) . 4 September 2023 . URCL . 4 September 2023 . Kampala, Uganda.