This archive report was first published on 13 December 2019.
On December 13, 2019, ZEP-RE, a leading reinsurance company, officially opened its multimillion-dollar Business Park in Lusaka, Zambia.
The nine-floor, star-shaped, environmentally-friendly building is not only the largest single investment by ZEP-RE in the Eastern and Southern African region since its establishment in 1990 but also houses the company's Zambia offices.
At the launch ceremony, Zambia's President Edgar Lungu commended ZEP-RE and the Common Market for East and Southern Africa (COMESA) for implementing infrastructure projects that will deepen regional integration and improve living standards.
"This investment, along with other achievements in the region, demonstrates ZEP-RE's commitment to real economic growth in our region," President Lungu said. "We pledge to support ZEP-RE and provide necessary frameworks for it to efficiently execute its mandate."
President Lungu also commended ZEP-RE for making its largest investment in Zambia and for initiatives to grow the insurance industry across the continent.
"I'm pleased with ZEP-RE's initiatives to develop micro-insurance solutions for low-income earners and small and medium-sized enterprises in Zambia and across Africa," the President added.
Commenting on the investment, ZEP-RE Managing Director Hope Murera said the company's founding mandate was to spur economic development in the COMESA region, with most investments within COMESA countries.
"A significant portion of our investments are structured as syndicated loans to support government programs, such as infrastructure development. We have also channeled funds directly to member states by investing in real estate and deposits in regional banks," Ms. Murera said.
ZEP-RE Chairman William Erio noted that the company has underwritten premiums worth US$1 billion, with claims paid at US$700 million on a cumulative basis.
"We are on the right track with our 'I Believe' strategic plan, working towards building a billion-dollar company. We have restructured the Company and positioned it for growth to achieve vision 2026 through increased footprint and developing our people," Mr. Erio said.
COMESA Secretary General Chileshe Kapwepwe hailed ZEP-RE as a success story, emphasizing its comprehensive financial inclusion and literacy programs for sustainable socio-economic development.
