CBZ Insurance gets nod to go ahead with $1 mill rights issue

HARARE, – CBZ Insurance shareholders on Monday approved a resolution to raise million through a rights issue aimed at boosting its underwriting capacity at the company’s extraordinary general meeting.

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“The shareholders approved the rights issue so we shall be going ahead it,” group legal secretary Rumbidzai Jakanani told The Source.

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The company has a 4,45 percent market share in terms of gross premiums written and net premiums written, with Old Mutual and NicozDiamond being the market leaders.

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Short-term insurers gross premium written for the nine months to September, according to the latest report by the Insurance and Pension Commission, slightly declined to 3,20 million from 3,41 reported in the comparative period.

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IPEC said all registered and operating insurers, except six, reported capital positions which were below the minimum regulatory requirement of ,5 million with CBZ Insurance at ,8 million.

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Total profit after tax for non-life insurers decreased by 16.36 percent to .79 million for the nine months ended September 30 from ,50 million in the prior year due to rising operating expenses. -The Source