Kenya Reinsurance Plans to Set Up Office in Southern Africa

Kenya Reinsurance Corp. (KNRE), the state- owned reinsurer, said it plans to establish a regional office in southern Africa.

Kenya Re provides services in Zambia, Zimbabwe, Mozambique and Angola and is conducting a study to determine which of the nations the office will be based in, Managing Director Jadiah Mwarania told reporters today in Nairobi, the capital.

“We now have a sizeable volume of business in southern Africa,” Mwarania said.

Kenya Re, which currently provides its services to 170 insurance companies in 45 countries, intends to add at least 10 more insurers and grow premium income by 15 percent, he said.

Gross premiums written rose to 6.61 billion shillings ($79 million) in the 12 months to December, from 4.98 billion shillings a year earlier, the company said yesterday. Net income grew to 1.91 billion shillings from 1.54 billion shillings a year earlier, the Nairobi-based company said in a statement e- mailed by the city’s stock exchange.

Kenya Re plans to offer bonus shares in the ratio of one for every six held and a dividend of 0.35 shilling per share, Mwarania said.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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