Company Database

KENYA REINSURANCE CORPORATION

Phone Number

Tel: +254 20 2202000, +254703083000

website

https://www.kenyare.co.ke/

about this company

Vision

To be the reinsurer of choice in our chosen markets.

Mission

To provide quality Reinsurance Services to our clients in Africa, Middle East and Asia.

Business Description

Our core activity is providing reinsurance services for most classes of business.
 

Background

We are the oldest reinsurer in East and Central Africa, established through an Act of Parliament in December 1970 and commencing business in January 1971. 

Since our inception, we have progressively and consistently continued to provide reinsurance services to more than 265 companies spread out in over 62 countries in Africa, the Middle East and Asia. We are committed to offering world-class reinsurance service.

In 2004, we made an effort to benchmark our services with international standards by subjecting ourselves to a rating process by an international rating agency, A. M Best. We were rated B+ (Very Good). We have successfully maintained this rating to date. We are also rated AA by Global Credit Rating (GCR).

We have been listed in the Nairobi Securities Exchange since 2007

Products/Services

Backed by professionally qualified and experienced technical staff, we offer reinsurance and risk management solutions to our clients both locally and internationally.
Since inception, we have provided traditional reinsurance products and developed very competent and experienced technical capacity in writing both life and non-life insurance. This allows us to provide our clients with financially sound risk transfer solutions in all lines of business.

Non-traditional /New products

• Takaful
• Oil and energy
• Terrorism & political risk cover
• Medical
• Agriculture

Traditional Products

• Aviation
• Engineering
• Fire Domestic
• Fire Industrial
• Liability
• Marine
• Motor Commercial
• Motor Private
• Personal Accident
• Theft
• Workman’s Compensation

Markets

We have progressively and consistently continued to provide reinsurance services to more than 265 companies spread out over 62 countries in Africa, Middle East and Asia.

Industry

We are a leading reinsurer within the insurance Industry in East Africa and beyond.

Location

• We are located in Nairobi, Kenya, at Reinsurance Plaza, Taifa Road. This is strategic as it serves the East African region as it provides reinsurance services for most classes of business.
• We also have a regional office in Abidjan, Côte d’Ivoire. This office is strategic as Kenya Re is keen on expanding to the Francophone countries in Africa. It also serves the West African region.
• We also have a regional office in Lusaka, Zambia. This office serves as the hub for the Southern Africa market.

Competitive Advantages

• Strong financial strength rating by international rating agencies: B.
  • Financial strength at “B+” by A.M. Best Rating Agency.
  • An Issuer Credit Rating of “BBB” by A.M. Best Rating Agency.
  • “AA” for domestic claim paying ability by Global Credit Rating Agency.
  • “BB+” for international claim paying ability by Global Credit Rating Agency.
• Our investment portfolio of property is 28%.
• We are the only listed reinsurer on the Nairobi Securities Exchange with a steady share price.
• We are ISO 9001:2008 certified.

Financial Projection

• We have posted soaring profits running into billions of shillings over the last few years. Couple this with a meteoric rise in shares, a growing asset base and high dividend payout to complete an impressive picture of a company on a roadmap to greatness.
• We project 15% growth annually in premiums.
• We have maintained our financial strength rating at B+.

Company Objectives

• Accelerated financial performance
• Strategic business development
• Enhance management of risk
• Improvement of business processes
• Focus of people as performance driver

Business Objectives

• To deliver sustainable financial growth and stability in order to obtain a high return on investment, increase shareholder value and enhance investor confidence.
• To penetrate new and expand existing markets in order to increase market share, spread business risks and increase return to shareholders.
• To ensure that corporate governance, risk management and internal control systems adequately safeguard stakeholder interests.
• To ensure the corporation truly puts our clients at the center of the business and re-orientates the business to operate from the client’s point of view. 
• To implement efficient, simplified and cost-effective processes in order to improve business performance and enhance stakeholder value.
• To ensure that the corporation maintains a competent and suitably qualified staff, able to deliver its mandate and obligations to stakeholders.

Management

We are managed by an 11-member board of directors that guides the senior management.

List of Senior Management

Jadiah Mwarania – Managing Director

Michael Mbeshi – General Manager, Property And Administration

Beth Nyaga – General Manager, Reinsurance Operations

Charles Kariuki – Corporation Secretary

Jacqueline Njui – General Manager, Finance and Investments

Peter Angwenyi – Manager, Life Business Division

Gladyce Musyoki – Manager, Procurement Division

Elizabeth Omondi – Manager, Claims Division

Teresia Kenga – Manager, International business Division

Alice Mbutu – Manager, Local Business Division

Consolata Kihara – Manager, Property Division

George Njuguna –Manager, ICT Division

Sally Kangethe – Manager, Human Resources

Jane Odipo – Manager, Marketing and Business Development Division

Gladys Some-Mwangi – Manager, Corporate Affairs Division

Sammy Kaaria – Manager, Internal Audit Division

Samson Mudogo – Chief Accountant

Mumut Ole Sialo Manager – Credit Control

John Rika – Manager Administration

Hillary Maina Wachinga – Manager, Risk & Compliance

Arthur Levry – West Africa Office Manager

Judy Njuguna – Manager, Records Division

Charles O. Abebe – ISO QMR

Number of Employees

CEO: 1

Management: 22

Middle-Level Management: 45

Lower-Level Management: 52

Total: 120

Highlights

• January 1971: Kenya Re commenced business.
• 2004: Was subjected to global rating by an international rating agency and was rated B+ (Very Good), which it has maintained to date.
• 2007: Kenya Re was listed on the Nairobi Securities Exchange (NSE).
• 2011: Inception of award-winning corporate social responsibility dubbed “Niko Fiti – Ability Beyond Disability” that focuses on empowering persons with disability.
• 2012: Rebranding of the corporation that has helped change people’s perception of the company and enhanced its corporate and business worthiness.
• 2013: Best CSR (Niko Fiti) campaign at the PRSK Awards.
• 2014; Corporate Leadership Award (Niko Fiti) at the Annual Disability Rights & Advocacy Awards (ADARA).
• 2014: Campaign of the Year 2014 (Niko Fiti) at the Malaika Tribute Awards.

Other Notes

We have taken the lead in providing reinsurance capacity and technical expertise to both local and the international markets through seminars and workshops. This has led to an improvement in the product and service component of the local insurers and has instilled confidence to the investors who in most cases procure oil gas insurance from foreign insurers due to lack of satisfactory local content.