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Diamond Insurance Rebrands to SWAN

SWAN Insurance, a Mauritian company that bought off a majority stake in Diamond Insurance, has been launched in Zambia.

The launch event was held at Pamodzi Hotel in Lusaka on Tuesday night was graced by

Pensions and Insurance Authority registrar Martin Libinga.

SWAN Group chief executive officer Louis Rivalland told the guests about the exciting expansion drive embarked on by the Group which saw its penetration onto the Zambian market.

“165 years ago, SWAN was founded around important values,  and  one  of  them   has  always been putting people at the  heart  of our strategy to drive success. SWAN is currently  the  leader in terms of non-banking financial services provider in Mauritius, with a history that goes back to the mid-

19th century. Our portfolio ranges from insurance solutions, both  non-life  and  life,  to  investment instruments  that   have   been  designed  by  our multidisciplinary team of industry  professionals,” Rivalland said according to a statement issued by Rideve PR.  “After  years  of  increasing cross-border activities essentially with  the  Eastern African Community markets, SWAN embarked on the exciting journey of seizing  investment opportunities and  creating new  markets in Africa, after  having  successfully established   our    presence    outside   Mauritius in  Seychelles  &  Comores.  We  are   already   in Rwanda,   South   Africa  and   hope  to   close   in Mozambique before year  end. We  bring  capital but as importantly, solutions adapted to the local financial, non-banking sector. In 2018,  the  Group activities had  brought a turnover of USD 360 million.”

With  SWAN  Insurance, he said, “our  African  footprint is taking  a new  and  thrilling  turn,  indeed”.

“Zambia is a natural  choice  for us, given  its long  tradition of  democracy  and   political   stability,   its  strong public institutions, a free and open market  and an economic environment which fosters investments,” Rivalland said.

On the Zambian insurance sector, he said the industry has “a truly important growth potential” as the  country  has  one  of the  largest land  mass  in the  sub-Saharan region and home to a population of 16 million.

“…and (it) is one of  the  most  urbanized areas   of  the  continent.

We  will undoubtedly benefit from  the  existing infrastructure and  human  capital  to  develop our sector here, alongside the  regulator and  other stakeholders. However, we do recognize that  the challenge that  goes with developing operations abroad  and   in  Zambia   is  an   important one, especially since  our  investment in Zambia  now and  later,  is for the  very long  term,” Rivalland said.

“Drawing  from  our  international experience and   internal   capacities, we  shall  gradually invest   in  other  activities   in  Zambia, particularly  those where  SWAN is a  leader such  as life insurance, wealth  management, fund management and  pension fund administration.   This   is   in   line   with   our Zambian   mandate,  ladies   and   gentlemen, and as early as this year we are looking at bringing new  solutions and  services  to  this market. I wish to conclude that  SWAN Insurance is a first small step in Zambia,  an act of faith in a jurisdiction  which is a natural  choice  to us.”

And Libinga congratulated Diamond Insurance for giving birth to SWAN.

He said government wishes to see the establishment of more insurance firms in Zambia.

Libinga was, however, sad to not that some firms were paying clients in installments and made mention that government wanted entities that can settle claims in full.

SWAN Zambia board chairman Larry Kalala said the company’s commitment to Zambia will bear fruit in the coming years.

Kalala said SWAN, who acquired a majority stake in Diamond Insurance, has strengthened the campany’s capital and human resource.

Source: Zambia Reports

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