Zambia-based reinsurer Klapton Re is set to list directly on the Lusaka Securities Exchange Plc (LuSE) on March 24th, 2026, subject to regulatory approval, reaffirming the reinsurer’s continued growth, and the increasing sophistication and resilience of Zambia’s financial markets.
Established in 2020, Klapton Re provides facultative and treaty reinsurance services across Africa, Asia, and the United States. The reinsurer has captured an estimated 86% market share in Zambia.
The firm is the only Moody’s-rated company listed on LuSE, with a Caa1 rating, and its revenue grew from K1 billion in 2023 to K2.9 billion in 2024.
The announcement followed a pre-listing bell-ringing ceremony, attended by investors, advisors, and key stakeholders who have supported the firm over the past five years.
Unlike a traditional IPO, Klapton Re’s direct listing allows investors to buy shares directly on the first day of trading without an initial offer period or prospectus.
Industry observers are noting that Klapton Re’s direct listing comes at a time of renewed global interest in reinsurance markets, with increasing demand for disciplined underwriting and innovative risk management solutions.
Kudzai Bingepinge, Chief Executive Officer (CEO) and Principal Officer of Klapton Re, commented, “We are listing to broaden our investor base and attract long-term capital aligned with Klapton Re’s next phase of development. After five years of disciplined underwriting and balance sheet build-out, a local listing is a deliberate step.
“It reinforces our commitment to Zambia while giving investors exposure to a reinsurance portfolio diversified across the United States, Asia, and Africa, with improving earnings visibility and quality. Under our mission, Africa Underwriting the World, we deploy African capital into global risk with a clear focus on discipline and sustainability.”
He continued, “Our growth has been driven by portfolio construction and risk discipline rather than scale alone. It demonstrates that African-based institutions can build globally relevant financial franchises with durable and predictable earnings. Our growth story is not just about numbers, it’s about demonstrating that Africa can produce world-class financial institutions capable of competing globally.”
Nicholas Kabaso, CEO of LuSE, added, “LuSE will continue working closely with Klapton and market stakeholders to ensure the listing process is concluded efficiently and in line with best practice.
“This announcement is about more than a single listing, it signals confidence in corporate institutions like Klapton Re, ongoing reforms, and the future of Zambia’s capital markets. It demonstrates that Zambia can build markets that are credible, resilient, and forward-looking.”
