The Mozambican unit of a company set up by Global Alliance Group founder Robert Lewis has won a license to become the southern African nation’s 17th insurer.
ICE Seguros, part of London-based International Commercial & Engineering Holdings, will provide insurance services to industries including mining, banking, oil, gas and construction, Lewis said in an e-mail Thursday.
Mozambique’s economy is projected to grow at 7 percent this year, according to the International Monetary Fund, expansion that may accelerate if proposed gas developments go ahead. Anadarko Petroleum Corp. has said its project alone could make Mozambique the world’s third-largest provider of gas chilled to liquid form for export.
“It makes sense for us to start in Mozambique as we know the market well and we have secure relationships with our clients and brokers,” Lewis said. ICE Seguros will insure against “large, complex, risks,” he said.
Lewis bought Mozambican insurer Companhia Geral de Seguros de Mocambique in 2001, renaming it Global Alliance and opening operations in Ghana and Angola in 2005. Barclays Africa Group bought the Mozambican business in 2011, while the Angolan insurer was sold to Saham Group in 2013. Activa Group bought Global Alliance Ghana in 2009.
Mozambique’s largest insurer is state controlled Emose. SIM, owned by the country’s biggest bank, Millennium BIM, is the second largest and Global Alliance Mozambique, third.