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EZULWINI REINSURANCE

COMPANY LIMITED
“Security, Growth and Stability”

COMPANY PROFILE
ABOUT US

“Security, Growth and Stability” 2


VISION VALUES
To be a preferred provider of  Care
reinsurance services in our  Innovation
chosen markets  Ethical
 Professionalism
MISSION
 Good corporate
To provide unparalleled service
to our stakeholders and citizen
sustainable returns to our
shareholders

“Security, Growth and Stability” 3


CAPITAL & CAPITAL MANAGEMENT

• The Company’s authorized share capital currently stands at over US$ 5 million,
which is now fully paid.
• The Company actively manages capital to ensure risk capital adequacy at all times.
• The Company will from time to time ensure that the level of capital is adequate to
meet its obligations to all stakeholders.
• In line with its vision to become one of the biggest reinsurers in the region, the
company shall continue to be on the look out for opportunities to bolster its
shareholding structure and capital base.

“Security, Growth and Stability”


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SHAREHOLDING STRUCTURE

• PUBLIC SERVICE PENSION FUND


– One of the biggest companies in Swaziland in terms of asset base
– Has diverse investment interests both in and outside Swaziland
– Has a 51% shareholding at Ezulwini Reinsurance Company Ltd

• TANZANIAN REINSURANCE COMPANY LIMITED (TAN-RE)


– Shareholding structure consists of Public and Private pension funds, insurance companies,
local entities and individuals.
– Writes both short term and long term reinsurance business across the whole of Africa, UAE
and parts of Asia.
– Has a 49% shareholding at Ezulwini Reinsurance Company Ltd

TECHNICAL PARTNER
• FMRE PROPERTY & CASUALTY LIMITED
– Providing reinsurance technical support
– Assisting in skills transfer initiatives and external market linkages
“Security, Growth and Stability”
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PRODUCTS AND SERVICES
SHORT TERM
MARINE
FIRE & ENGINEERING CASUALTY
• Imports/ Exports (Road, Rail, Sea, Air)
• Fire Insurance • Public Liability

• Stock throughput
Business Interruption • Employers Liability
Policies
• Electronic Equipment • Products Liability & Defective
• Hull and Machinery and
• Machinery Breakdown & LOP Workmanship
Liabilities
• Contractors All Risks • General, Tenants & Property
• Freight Forwarders
• Erection All Risks Owners Liability
• Plant All Risks • Umbrella Liabilities AVIATION
FINANCIAL LINES • Hull and Liabilities
MOTOR • Directors & Officers • Ground Risks
• Motor Combined Liability • Airport Liabilities
• Motor fleet • Bonds & Guarantees • Small Crafts
• Pension Fund Trustees
Liability AGRICULTURE
• Bankers Blanket Bond • Aquaculture
• Professional Indemnity • Floriculture
• Horticulture
TRAVEL • Crop Insurance
• Business Travel • Livestock Insurance
• Leisure Travel • Hail & Field to Floor
• Pet Insurance

“Security, Growth and Stability”


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PRODUCTS AND SERVICES
LONG TERM
GROUP REINSURANCE VALUE-ADDED SERVICES
INDIVIDUAL LIFE REINSURANCE
• Term
SOLUTIONS • Product Development and Pricing
• Whole Life • Life (GLA) • Training and Seminars
• Universal Life • Health • Claims Management Support
• Supplemental Benefits and Riders • Disability • Actuarial Support
• Joint and Last Survivor • Disability Income (Waiver, • Risk Management Assessment
• Corporate-owned Life Insurance and Premium)
Bank-owned Insurance • Accident
• Mortality Catastrophe • Critical Illness
• Long-Term Care
INDIVIDUAL DISABILITY
• Catastrophe Cover
REINSURANCE
• Short-term Disability
• Long-term Disability LONGEVITY REINSURANCE
• Accidental Partial Disability
• Total and Permanent Disability
(ANNUITIES)
• Lump-sum Disability • We use our broad mortality
and profitable underwriting
expertise to develop longevity
products to meet the growing
need of guaranteed lifetime
income.
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“Security, Growth and Stability”
PRODUCTS AND SERVICES
MEDICAL

INDIVIDUAL HEALTH CRITICAL ILLNESS


REINSURANCE REINSURANCE
• Excess of Loss Medical Reinsurance SOLUTIONS
• Quota Share Treaty Medical • Limited-Pay Critical Illness
Reinsurance
• Multi-Pay Critical Illness
• Products Development Support

• Female Critical Illness
Claims and Underwriting Management
• Pricing • Juvenile Critical Illness
• Fixed and Reimbursed Benefits • Simplified-Issue Cancer
• Return of Premium (ROP)
products including death,
cancer and hospital cash

“Security, Growth and Stability”


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UNDERWRITING CAPACITIES
DETAILS UNDERWRITING LIMITS

FIRE AND ENGINEERING


Proportional Treaty US$ 5 Million SI/PML per Company Treaty
Programme
Non Proportional Treaty US$ 2 Million SI/PML per Company Treaty
Programme
Facultative Fire (Any one Risk) US$ 5 Million Maximum Probable Loss
Facultative Engineering (Any one US$ 3 Million
Risk)
MOTOR, LIABILITY AND GENERAL ACCIDENT
Proportional Treaty US$ 1 Million Per Company per Treaty Programme
Non Proportional Treaty US$ 1 Million Per Company per Treaty Programme
MARINE AND AVIATION
Marine Proportional Treaty US$ 1.5 Million
Marine Non Proportional Treaty US$ 1 Million
Marine Facultative US$ 2 Million
Aviation US$ 2 Million 9
UNDERWRITING CAPACITIES

DETAILS UNDERWRITING LIMITS

POLITICAL RISK, SABOTAGE & TERRORISM


Treaty Capacity per Risk US$ 0.5 Million
Facultative (Any one Risk) US$ 2 Million
SRCC
SRCC Limit US$ 2.5 Million Per Event
US$ 5 Million In the annual aggregate
INDIVIDUAL AND GROUP LIFE
Any One Life – Treaties US$ 0.5 Million
Any One Life – Facultative US$ 2 Million
Total Capacity US$ 2.5 Million

“Security, Growth and Stability”


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Board of Directors
Mr. Dlamini is the Board Chairman of Ezulwini Reinsurance Company Limited.
Mr Cleopas S Dlamini is the CEO of the Public Service Pensions Fund, which is a position he has
held since 2002. Previously, he worked for the Central Bank of Swaziland in various capacities,
Director Research Department, Director Investments and Forex Department.
He holds a Masters Degree in Economics from the Portland State University, Oregon USA, Hon. (BA)
Economics from University of South Africa, BA (Economics) University of Botswana & Swaziland.

Cleopas Dlamini
Chairman

Rajab Kakusa is the CEO of TAN-RE and was actively involved in spearheading TAN-RE’s investment
into Ezulwni Reinsurance Company Limited.
He has over 23 years experience in insurance/reinsurance. He joined TAN-RE in 2004 as a Technical
Accountant and rose to the positions of Finance Manager in 2007 and subsequently Chief Executive
Officer. Prior to joining TAN-RE, Rajab worked for National Insurance Corporation of Tanzania Ltd from
1987 to 2004, where he worked in various positions including Assistant Underwriter (Marine and
Aviation), Internal Auditor and Senior Accountant heading Reinsurance Accounts Department.
Rajab holds a Master of Business Administration degree in Banking and Finance from Mzumbe
University, Tanzania and is a Certified Public Accountant (CPAT). He also holds a Post Graduate
Rajab Kakusa Diploma in Insurance and Risk Management from the Institute of Finance Management (IFM) Tanzania.
Director

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Mr. Masotja Vilakati is currently the Director Investments in the Public Service Pensions Fund (PSPF) since
2016 and heads the Investments Department as part of the Executive Management team and is Secretary of
the Investment Committee. Prior to joining PSPF, Vilakati was the Associate Director at Umelusi Capital, a
financial services company in Mbabane that provides financial planning and advisory services to individuals,
cooperatives and corporate clients. He gained vast experience working for the Central Bank of Swaziland
which he joined in 1989 after completion of his Bachelor of Commerce (Accounting) degree at UNISWA. He
served in several departments including the Internal Audit, Internal Finance and Financial Markets in various
roles, fifteen years of which he served at Executive Management level.

In addition to the B.Com Degree, he holds a Master of Business Administration (MBA) which he completed
from the Smeal Business School of the Pennsylvania State University (USA) in 1995. He also completed the
Masotja B. Vilakati
Director Executive Development Programme (EDP) from the University of Stellenbosch (Cape Town) Business School
in 2013.

He has valuable experience after serving in various entities such as Treasurer of the SMVAF Ingwenyama
Cup since 2015; Chairperson of the Central Bank of Swaziland Staff Retirement Fund form 2010 to 2014,
Treasurer of the Premier League of Swaziland from 1998 to 2006, and Secretary of the Central Bank branch
of Swaziland Staff Association for Financial Institutions (SSAFI) from 1997 to 1999.

Ian joined FMRE in July 2003 as the Business Development Manager. He played an integral role in its
formation and was elevated to the position of Operations Executive in October 2003. Ian brought to FMRE
P&C vast experience gained after serving as Operations Manager for a Reinsurance company as well as a
Manager for operations department of a General Insurance company. He is the past President of the
Zimbabwe Association of Reinsurance Offices (ZARO), a member of the African Insurance Organisation
(AIO) board, an alumni member of the London School of Business and a board member of the
Organisation for Southern and East Africa Insurance board (OESAI).

He holds a Bachelor of Commerce Honours Degree in Insurance and Risk Management from National
University of Science and Technology (NUST Zimbabwe) and a Masters Degree in Business Administration
Ian Taonesa from the University of Zimbabwe. 12
Director
Mr. Zombodze Magagula was appointed a board Member of Ezulwini Reinsurance Company Limited in August
2017.

This comes after he took early retirement in 2013 as Chief Executive Officer (General Manager of Swaziland Royal
Insurance Corporation (SRIC) where he worked for twenty-six years in various roles, sixteen (16) years of which he
served as the CEO. He is currently practising law as a partner at Mlangeni & Company Attorneys in Manzini.

Mr Magagula was admitted as an Attorney-at-Law of the High Court of Swaziland in 1987 after completing a
Bachelor of Laws Degree (LLB) in 1984 at the University of Swaziland. His other qualifications include a Master of
Laws (LLM) specializing in Insurance Law from the University of South Africa; Masters in Sports Organization
Management (MEMOS) from Claude Barnard University of Lyon in France; Post-Graduate Diploma in International
Zombodze R. Magagula
Law and Organization for Development from the Institute of Social Studies (ISS) at the Hague, Netherlands.
Director

He brings along valuable corporate experience after serving in various national and international bodies such as
the President of the Swaziland Olympic and Commonwealth Games Association since 2000 to 2017, President of
the Confederation of Southern African National Olympic Committee 2005 to 2017, an Executive Board Member of
the Association of National Olympic Committees of Africa since 2005 to 2017, and a Member of the Legal
Commission of the Association of National Olympic Committees since 2012 to date. He is a member of the Board
of Directors of Royal Swazi Sugar Corporation, Member of the Council of the University of Swaziland, Chairman of
the University of Swaziland Pension Fund and Member of the Board of Directors of Momentum Insurance
Swaziland, among others.

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Management and the Technical Team
Charles Nyakabau is the General Manager of Ezulwini-Re.
Charles has had 27 years of progressive working experience in the Zimbabwean and regional insurance
and (predominantly) reinsurance business sectors. He possesses a broad and deep knowledge base of
the operational success factors attributable, acquired from when he operated as a reinsurance broking
treaties specialist, as well as a facultative placements facilitator.
He is endowed with a good social and economic grasp of the Southern Africa terrain, blended with
regional and international training and attachments' stints to as far afield as India and the UK. He also
spent some time working in the South African market (2001-2004) where he was involved in the
establishment and management of a reinsurance booking outfit under the Zimbabwe Reinsurance
(ZimRe) stable.
Charles Nyakabau Charles is a qualified AIISA insurance practitioner who holds a Bachelor of Science Honors degree in
charles@ezulwini-re.co.sz Economics acquired from the University of Zimbabwe (1988).

Muzi is our Non-life Underwriter, having joined the company in July 2016. He is responsible for both
facultative and treaty reinsurance business.

He has over six years experience in short term insurance and reinsurance. He was previously employed
with one of Swaziland’s leading short term insurers (under their claims department) where he was
handling claims across all classes of short term business. During his tenure with his previous employers
he was actively involved in reinsurance claims handling, negotiation and settlement, through which he
also acquired a significant understanding on general reinsurance practice.
Muzi holds a bachelor of Laws (LLB) from the University of Swaziland and an associate in the Insurance
Institute of South Africa (IISA). He is also an admitted Advocate of the High Court of Swaziland.
Muzi Shongwe
muzi@ezulwini-re.co.sz

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Miss Thobile Dlamini is the Life Underwriter of Ezulwini Reinsurance Company Limited.

Thobile brings over 14 years’ experience in the Long Term business industry having previously
worked for an established insurance company prior to joining Ezulwini Reinsurance Company
Limited. She has worked as a Loans Assessor, Credit Controller and Life Underwriter. She joined
Ezulwini Reinsurance Company Limited in July 2016 as a Life Underwriter.

Thobile holds a Diploma in Commerce (University of Swaziland) and is a holder of a Bachelor of


Commerce Degree (Accounting Major) from the University of Swaziland. She also holds an IISA
Programme in Life Insurance from the University of South Africa and currently pursuing her
Associateship.
Thobile Dlamini
thobile@ezulwini-re.co.sz

Sakhile Zwane is the Claims Underwriter for Ezulwini Reinsurance Company Limited responsible for
claims management activities for both the Life and Non-Life reinsurance business.

Sakhile has eight (9) years’ experience in the insurance industry having previously worked for an
established insurance company prior to joining Ezulwini Reinsurance Company Limited in July 2016.

He is a holder of a Bachelor of Arts in Social Sciences Degree from the University of Swaziland and
he is also an associate of the Insurance Institute of South Africa (AIISA).

Sakhile Zwane
sakhile@ezulwini-re.co.sz

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CONTACTS

Mkhwanazi Attorneys
Company Secretary

7th Floor Mbandzeni House, Lot No.: 1/508 & 1/510 Smuts Street,
Mbabane, Swaziland

P.O. Box 6177, Mbabane, H100, Swaziland

(+268) 2404 0989 | 2404 0386

(+268) 2404 0396

info@ezulwini-re.co.sz

www.ezulwini-re.co.sz

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7th Floor Mbandzeni House|Lot No: 1/508 & 1/510 Smuts Street|
Mbabane|Swaziland
“Security, Growth and Stability”
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