Uganda Reinsurance Company
TypePrivate
IndustryReinsurance, Insurance
Founded1 January 2000 (2000-01-01)
HeadquartersKampala, Uganda
Key people
Twaha Kigongo Kaawaase
Chairperson of the Board
Ronnie Musoke
CEO
WebsiteHomepage

Uganda Reinsurance Company Limited commonly referred to as Uganda Re is a reinsurance company based in Kampala, Uganda. As of July 2022, it was the only locally registered, licensed reinsurer in Uganda. The company is privately owned.[1]

Overview

Uganda Re is the oldest and only locally registered reinsurer in Uganda. The company was established in 2000. It began commercial operations in 2013. Under current Uganda insurance laws, Uganda Re is guaranteed 15 percent re-insurance business generated within Uganda.[1][2]

As of January 2020, there were four reinsurance companies operating in Uganda. These were (a) Zep Re (b) Africa Re (c) Kenya Re and (d) Uganda Re.[3] The company undertakes reinsurance business from the African continent and the Indian Ocean Islands. Uganda Re reinsures both life and non-life insurance policies.[4]

As of March 2023, Uganda Re's shareholders' capital was reported as US$4,142,000.[5]

Ownership

The shares of the stock of Uganda Reinsurance Company are privately owned. The table below illustrates the major shareholders in Uganda Re.[1]

Uganda Reinsurance Company Stock Ownership
RankName of OwnerDomicile% Ownership
1Zep ReKenya
21.0
2Kenya ReKenya
11.0
3Old Mutual Insurance CompanyKenya
9.0
4Uganda Insurers AssociationUganda
8.0
5Local Insurance BrokersUganda
5.6
6Continental Reinsurance CompanyNigeria
5.0
7Local IndividualsUganda
1.5
7Other Institutional InvestorsAfrica
38.9
Total
100.0

Governance

Uganda Re is governed by a seven-person board of directors, chaired by Twaha Kigongo Kaawaase.[6] The company's chief executive officer is Ronnie Musoke.[7]

See also

References

  1. 1 2 3 GCR (22 July 2022). "Uganda Reinsurance Company Limited (Jul 2022)". GCRatings.com (GCR). Ebène, Mauritius. Retrieved 4 September 2023.
  2. ↑ Phoebe Calver (26 April 2016). "Uganda Reinsurance Company Limited". Africa Outlook Magazine. Norwich, Norfolk, United Kingdom. Retrieved 4 September 2023.
  3. ↑ Daily Monitor (13 January 2020). "Reinsurance is growing; what does this mean to consumers". Daily Monitor. Kampala, Uganda. Retrieved 4 September 2023.
  4. ↑ URCL (4 September 2023). "About Us". Uganda Reinsurance Company Limited (URCL). Kampala, Uganda. Retrieved 4 September 2023.
  5. ↑ Atlas Magazine (March 2023). "Uganda Re Technical Highlights". Atlas Magazine. Tunis, Tunisia. Retrieved 4 March 2023.
  6. ↑ URCL (4 September 2023). "Uganda Reinsurance Company Limited: Board of Directors". Uganda Reinsurance Company Limited (URCL). Kampala, Uganda. Retrieved 4 September 2023.
  7. ↑ URCL (4 September 2023). "Uganda Reinsurance Company Limited: Senior Management Team". Uganda Reinsurance Company Limited (URCL). Kampala, Uganda. Retrieved 4 September 2023.

00°19′59″N 32°36′02.5″E / 0.33306°N 32.600694°E / 0.33306; 32.600694

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