Categories: Stories

NicozDiamond sells off Uganda operation

Zimbabwe’s largest short-term insurer, NicozDiamond says it has found a prospective buyer for its Ugandan operation, First Insurance Company (FICO).

The Group is looking at disposing of FICO, which it acquired from parent company Zimre Holdings, citing low returns on investment.

“Negotiations are at advanced stages with the potential buyer,” said NicozDiamond’s general manager for corporate services and company secretary Gloria Zaravanhu.

She added that further details will be made available once the deal is concluded.

Managing director Grace Muradzikwa said in July that FICO, was a difficult investment with low returns.

“The returns from that market were not what we expected. Sometimes it is better to cut your losses. We are still exploring ways of exiting. We would rather dedicate our resources where there would be better returns,” said Muradzikwa then.

NicozDiamond’s Gross Premiums Written (GPW) in the five months to May 2016 was steady at $13 million. In the period, the company had processed claims amounting to $4 million, two of them valued at $500 000 each.-The Source

(55 VIEWS)

This post was last modified on %s = human-readable time difference 8:55 pm

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

To go or not to go- Mnangagwa in a quandary

Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…

November 25, 2024

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024