4 May 2017

Zimbabwe: Nssa Raises Stake in Nicoz

The National Social Security Authority has raised its stake in insurance group, NicozDiamond Insurance Limited to 50,9 percent after a mandatory offer to minority shareholders which closed last week.

Before the mandatory offer, which closed on April 24 having opened three weeks prior, NSSA held 254 186 084 or 44,8 percent and minority shareholders controlled 55,2 percent or 312 578 689 shares.

Share options exercised amounted to 23 249 965 or 4,1 percent while shares surrendered in terms of the offer amounted to 46 077 100 or 8,1 percent.

This means that after the mandatory NSSA moved to 300 263 184 or 50,9 percent and minority shareholders 289 751 554 or 49,1 percent.Total number of NicozDiamond shares after the offer amounted to 590 014 738.

NicozDiamond is one of the most recognised insurance groups in Zimbabwe with six branches in the country, regional operations in Malawi, Zambia and Mozambique and Bancassurance arrangements with four banks.

Born out of a merger of National Insurance Company of Zimbabwe (NICOZ) and Diamond Insurance Company in 2002 and subsequently listing on the Zimbabwe Stock Exchange the same year, NicozDiamond has gone through a regeneration which has seen the group extend its influence in the region, having seen the need to diversify away from Zimbabwe's country risk.

In Malawi, NicozDiamond owns United General Insurance Company Limited (UGI) is one of Malawi's leading short term/general insurance companies that has been operating which has been in operation for over 40 years.

The group is invested in Diamond Companhia de Seguros (DSM), SA a Mozambican company which specialises in non-life insurance while in Zambia it is in Diamond General Insurance Company Limited (DGI), a privately owned short term insurance company.

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