Kenya-domiciled reinsurance company, East Africa Reinsurance Company Limited, has expanded its operations with the establishment of its first subsidiary in Tanzania, as reported by Daily News.
In a statement, the company said that the Tanzania Insurance Regulatory Authority (TIRA) has licensed East Africa Reinsurance (Tanzania) as a local Reinsurance Company in Tanzania, effective November 8th, 2023.
The company stated that the aim of this expansion is for Tanzania to serve as a platform for it to leverage its extensive experience in reinsurance, risk management, and financial protection.
This will enable the reinsurer to provide tailored solutions that address the unique needs of the local market.
Peter Maina, Chief Executive Officer of EARe, commented, “This significant milestone marks a strategic step in increasing the Company’s footprint in Africa and its commitment to offering exceptional service to clients. The Company has actively participated in the treaty and facultative programmes of leading insurers in the Tanzanian market. To date, Tanzania is the Company’s second-largest market by premium.”
A report by Daily News states that the development of the subsidiary is aligned with EARe’s mission of providing quality, innovative and customer-centric reinsurance solutions, excellent service and enhanced value to all stakeholders.
Maina added, “We are excited about this new chapter in our Company’s history. Establishing our first subsidiary in Tanzania underscores our commitment to expanding our reach and strengthening our presence in the East African market.
“We look forward to securing solid partnerships in Tanzania and to contributing to the country’s growth and development.”
Dr Baghayo Saqware, Commissioner of Insurance in Tanzania, commented, “We welcome EARe’s commitment to enhancing the insurance landscape in Tanzania.
“This expansion not only reflects the company’s confidence in our market but also contributes to the growth and stability of our insurance industry. We look forward to a mutually beneficial partnership that will serve the interests of both EARe and the Tanzanian insurance sector.”
