Uganda Reinsurance Company
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| Company type | Private |
|---|---|
| Industry | Reinsurance, Insurance |
| Founded | 1 January 2000 |
| Headquarters | Kampala, Uganda |
Key people | Twaha Kigongo Kaawaase Chairperson of the Board Ronnie Musoke CEO |
| Website | Homepage |
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]
Uganda Re is the oldest and among two locally registered Reinsurers in Uganda with Kenya Re. 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]
| Rank | Name of Owner | Domicile | % Ownership |
|---|---|---|---|
| 1 | Zep Re | Kenya | 21.0 |
| 2 | Kenya Re | Kenya | 11.0 |
| 3 | Old Mutual Insurance Company | Kenya | 9.0 |
| 4 | Uganda Insurers Association | Uganda | 8.0 |
| 5 | Local Insurance Brokers | Uganda | 5.6 |
| 6 | Continental Reinsurance Company | Nigeria | 5.0 |
| 7 | Local Individuals | Uganda | 1.5 |
| 7 | Other Institutional Investors | Africa | 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]