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Kenya Re - what gives?
Rank: Member Joined: 8/14/2007 Posts: 111
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Waiting Game continues . Very optimistic Even In The Most Severe Drought In The Jungle Lions Will Never Feed On Grass.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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JKIA Fire Inquiry Cost APA Sh130 Million in Consultancy Fees http://allafrica.com/stories/201404141405.html.................................................................................................... The insurer said close to 40 experts were involved hence the high cost of adjusting the claim. The highly skilled individuals involved in investigations gobbled up Sh130 million. "It is a huge claim, and yes, it's expensive but we cannot say for sure that it is the largest since we do not know how much Kenindia has paid for the Westgate claim," said Mark Obuya, Association of Kenya Insurers chairman. .................................................................................................... "Even the total compensation payout of close to Sh2 billion is the highest I have heard of in this industry." Out of the Sh1.97 awarded to KAA as compensation, APA only paid Sh200 million while the rest was spread out across its five re-insurers, including KenyaRe..
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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Of all the probable angles Kenya-Re has been covered on this thread, there is yet another.
As per the H1 2013 results, management indicated Kenya-Re's retrocession premiums (reinsurance for re-insurers) grew by 28% - a deliberate increase in cover limits for better protection.
Should go a long way in better absorption/distribution of claims.
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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@murchr Continental Re "Deals, deals, deals." The pan-African reinsurance company, Continental Reinsurance is planning new acquisitions to drive its expansion on the continent. The firm which already has a subsidiary in Nairobi is eyeing a larger share of the African reinsurance market through regional expansion driven by growing its existing business, establishing new regional subsidiaries, and acquisitions “We believe that Africa must have strong and large insurance institutions so that we can keep African premiums in Africa,” he said. “We see opportunities in organic growth and we see opportunities in acquisitions. As I speak, we have entered into discussions with reinsurance companies in West Africa, East Africa and in Southern Africa,” added Dr Oyetunji. Read more at: http://www.standardmedia...sitions-to-drive-growth
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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@mweke you keep waiting for that dent...haitakuwa. @CDE hii continental Re...ina wenyewe, i guess no listing will be coming soon. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 12/4/2009 Posts: 10,701 Location: NAIROBI
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Kenya Re is bigger than Continental Re PLC in terms of assets and profits and underwritten business. Bigger even than Continental Re Nigeria Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/4/2009 Posts: 10,701 Location: NAIROBI
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Seems penetrating the kenyan market for continental re has become a hard nut to crack. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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BRITAM has acquired 30% of Continental RE at KES 300M. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 12/4/2009 Posts: 10,701 Location: NAIROBI
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@dunkang This is posted in another post of britam so that this post remains only for Kenya Re Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 1/27/2012 Posts: 851 Location: Nairobi
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dunkang wrote:BRITAM has acquired 30% of Continental RE at KES 300M. 30% @ 300mn? Does that mean it's 1 bn company?
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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Everyday I wake up dreading to see a profit warning here!  Mark 12:29
Deuteronomy 4:16
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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murchr wrote:@mweke you keep waiting for that dent...haitakuwa. @CDE hii continental Re...ina wenyewe, i guess no listing will be coming soon.  Seems the "randomness" was actually smack on the money. Continental Re for Britam. FYI Continental Re PLC has been a top 10 shareholder in Kenya Re as per the FY2012 annual report. 3.2M* shares = 0.462%
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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And it gets better Comrades Germany’s DEG buys into pan-African reinsurer Zep Re German public investor, DEG, has bought into pan-African reinsurer, Zep Re, underlining the growing interest in Kenya’s insurance industry. DEG bought an 11 per cent stake at an estimated Sh1.3 billion. Zep Re is majority owned by Kenya Re-insurance Company and is based in Nairobi “New shares were created to bring them on board so there was dilution of existing shareholders,” said a source within the company who is however not authorised to speak to the media. The company’s managing director is currently out of the country. Kenya Re’s stake in Zep Re is expected to drop from 21 per cent to 16 per cent following the entry of DEG and African Development Bank which took a 14.5 per cent stake in 2012. http://www.businessdaily...04/-/fhe9nl/-/index.html
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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guru267 wrote:Everyday I wake up dreading to see a profit warning here! profit warning is highly unlikely since these claims are likely to dent H/FY 2014 ... and i've read #Kenindia is involved in #Westgate implying so is #KenyaRe. ... insurance is indeed a risk business and kenya risk profile is up!
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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FY 2013 results coming up on Tuesday, 29th April #Diarize
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Rank: Elder Joined: 12/4/2009 Posts: 10,701 Location: NAIROBI
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@mwekez@ji kenindia will be compensating the small business and shop owners who had their stock and businesses destroyed. As for the building insurance was by Lloyds of UK who said the owners of westgate building will be compensated at ksh.6.6 billion to rebuild the building Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Ericsson wrote:@mwekez@ji
kenindia will be compensating the small business and shop owners who had their stock and businesses destroyed.
As for the building insurance was by Lloyds of UK who said the owners of westgate building will be compensated at ksh.6.6 billion to rebuild the building Would such claims amount to significantly large sum claims coz the quote below seem to say so Quote:JKIA Fire Inquiry Cost APA Sh130 Million in Consultancy Fees http://allafrica.com/stories/201404141405.html.................................................................................................... The insurer said close to 40 experts were involved hence the high cost of adjusting the claim. The highly skilled individuals involved in investigations gobbled up Sh130 million. "It is a huge claim, and yes, it's expensive but we cannot say for sure that it is the largest since we do not know how much Kenindia has paid for the Westgate claim," said Mark Obuya, Association of Kenya Insurers chairman.
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Rank: Member Joined: 1/14/2014 Posts: 178
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KES 20 already traded Go for a business that any idiot can run – because sooner or later, any idiot is probably going to run it – Peter Lynch
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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29th it could be. Alright.
As we debate here, we should also remember that we're in 2014. All hands are on deck i.e National, County governments & Private sector in the market spending & investing. #Tafakari
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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