Summary of Proposed Investment
Project Number
7423
Company Name
Solid Insurance Company (Private) Limite
Date SPI Disclosed
Mar 14, 1996
Country
Zimbabwe
Industry
Financial Markets
Status
Completed
Sector
General Insurance (Non-Life)
Department
Regional Industry - FIG Africa
Environmental Category
C - No Impact
Previous Events
Approved : May 17, 1996
Signed : Jul 9, 1996
Invested : Mar 27, 1997
Project Description
SUMMARY OF PROJECT INFORMATION
Project Name Zimbabwe-Solid Insurance (PVT)Ltd.
Sector Financial Services
Project No 007423
Projected Board Date March 29, 1996
Company Name Solid Insurance (PVT.) Ltd.
Technical Partner and/or Major Shareholders: The main sponsor and Chief Executive of SIC is Mr. Solomon Nyakudya, 36, formerly Director of Marketing and Underwriting at Zimnat Insurance Company. Zimnat is the biggest short term insurance underwriter in Zimbabwe. It has a market share of about 20%. Mr. Nyakudya is a graduate of the Chartered Insurance Institute and is also a Chartered Secretary. Another key sponsor is Mr. Barry McCurdy (61), who has just retired from his position as General Manager of the life assurance division of Zimnat (Zimlife). He is the Finance and Administration Director.
Project Cost Including Proposed IFC Investment: Project cost is estimated at US$1,112,000. IFC is being asked to make an equity investment of US$200,000.
Location of Project and Description of Site: The Company’s headquarters are on the 3rd Floor of Morgan House (total 7 floors) in Harare. The Company also has a branch office in Bulawayo and there are plans to establish another in Mutare so as to be able to provide countrywide services.
Description of Company and Purpose of Project: Solid Insurance Company (Pvt.) Ltd. (SIC) is a new Company that seeks to underwrite short term (non-life) insurance risks in Zimbabwe. It is the second out of fourteen insurance companies to be owned by black Zimbabweans. The Company commenced business on November 1, 1995.
Apart from the traditional markets, the Company will also target the emerging and small business segments of the insurance industry. The latter segments are largely uninsured because the standard insurance products on the market do not cater for their needs. SIC will concentrate on designing and introducing insurance products that will help it capture a potentially very significant market. To ensure a successful entry, the Company is seeking to establish technical support arrangements with a number of foreign insurance organisations specialising in small risk insurance. Rasini Vigano Ltd. of Italy, a Lloyds Associate and portfolio investor in Third World insurance companies, has agreed to consider an investment in SIC along with IFC.
Environmental Category and Issues: This is an environmental review category C project. No further environmental review is required.
Date SPI sent to PIC: March 14, 1996
For additional information contact: Corporate Relations Unit - telephone: (202) 473-7711 - facsimile: (202) 676-0365.
Project Name Zimbabwe-Solid Insurance (PVT)Ltd.
Sector Financial Services
Project No 007423
Projected Board Date March 29, 1996
Company Name Solid Insurance (PVT.) Ltd.
Technical Partner and/or Major Shareholders: The main sponsor and Chief Executive of SIC is Mr. Solomon Nyakudya, 36, formerly Director of Marketing and Underwriting at Zimnat Insurance Company. Zimnat is the biggest short term insurance underwriter in Zimbabwe. It has a market share of about 20%. Mr. Nyakudya is a graduate of the Chartered Insurance Institute and is also a Chartered Secretary. Another key sponsor is Mr. Barry McCurdy (61), who has just retired from his position as General Manager of the life assurance division of Zimnat (Zimlife). He is the Finance and Administration Director.
Project Cost Including Proposed IFC Investment: Project cost is estimated at US$1,112,000. IFC is being asked to make an equity investment of US$200,000.
Location of Project and Description of Site: The Company’s headquarters are on the 3rd Floor of Morgan House (total 7 floors) in Harare. The Company also has a branch office in Bulawayo and there are plans to establish another in Mutare so as to be able to provide countrywide services.
Description of Company and Purpose of Project: Solid Insurance Company (Pvt.) Ltd. (SIC) is a new Company that seeks to underwrite short term (non-life) insurance risks in Zimbabwe. It is the second out of fourteen insurance companies to be owned by black Zimbabweans. The Company commenced business on November 1, 1995.
Apart from the traditional markets, the Company will also target the emerging and small business segments of the insurance industry. The latter segments are largely uninsured because the standard insurance products on the market do not cater for their needs. SIC will concentrate on designing and introducing insurance products that will help it capture a potentially very significant market. To ensure a successful entry, the Company is seeking to establish technical support arrangements with a number of foreign insurance organisations specialising in small risk insurance. Rasini Vigano Ltd. of Italy, a Lloyds Associate and portfolio investor in Third World insurance companies, has agreed to consider an investment in SIC along with IFC.
Environmental Category and Issues: This is an environmental review category C project. No further environmental review is required.
Date SPI sent to PIC: March 14, 1996
For additional information contact: Corporate Relations Unit - telephone: (202) 473-7711 - facsimile: (202) 676-0365.
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