EXECUTIVES, management and employees have taken over non-life insurer THI Insurance after acquiring the business from financial services group, Tetrad Holdings Limited.
BY BUSINESS REPORTER
The changes in the shareholding structure have seen David Birch assuming the chairmanship of the board to provide policy direction to the insurer.
Birch has spent 35 years at THI, while managing director, Hamish MacLean has 17 years at the non-life insurer.
Birch told NewsDay the company will come up with tailor-made products for the agricultural sector.
“Our background is agriculture and we know agriculture is the future of Zimbabwe,” he said, adding that THI will come up with niche products in upstream and downstream markets and exports.
MacLean said the company will focus on growing the local market and spread its wings in the region if an opportunity presents itself.
THI Insurance was formed in 1938, when the scheme was administered as a growers’ insurance co-operative.
The aggressive push in the agriculture sector comes as gross premium written by non-life insurers in the farming sector increased by 93,59% to $918 549 in the quarter ended March 31, 2016, according to a report by the Insurance and Pensions Commission (Ipec).
Ipec said the volume of business written by the non-life insurance industry shrunk as evidenced by the 6,06% decrease in gross premium written to $66,59 million in the period. This was from the $70,89 million written in the comparable quarter in 2015.
“The shrinkage in the volume of business was mainly driven by declining business generated from fire and motor insurance. The decrease in business written could generally be attributable to the slowing own economy, since the insurance industry performance usually follows the fortunes of the economy,” Ipec said.
In the period under review, THI Insurance’s capitalisation stood at $2 002 317 against the minimum capital threshold of $1,5 million.