NamibRe appoints MD for another term

FOLLOWING a successful term as managing director at NamibRe, Anna Nakale-Kawana contract has been renewed for the next five years, effective from March 2009. Motivating their decision, the board said Nakale-Kawana consolidated the operations of NamibRe and strengthened its confidence in the local market.

As a result, NamibRe’s turnover (gross premium income) increased from N$34.8 million in 2004 to about N$70 million in 2008. During the same period, net profits averaged N$8.8 million per annum and for the last consecutive five years, the corporation paid dividends to the shareholder, Chairperson Maria Dax said.

During Nakale-Kawana’s term, NamibRe was awarded a credit rating of AA- (National) and BB (International) by a reputable rating agency, Global Credit Rating( GCR). This rating is crucial and is an important tool in foreign risks underwriting. The rating attained reflects and affirms NamibRe’s claims paying ability as well as its financial strength both nationally and internationally.

The board urged management to keep up the high standards because the success of NamibRe depends on this rating, amongst others. NamibRe has rolled-out a five year business plan to 2013, which includes underwriting of reinsurance business from foreign markets, mainly in southern, eastern and central African markets.

This initiative is expected to compliment local operations and strengthen the corporation’s standing in the regional markets. It is expected of Nakale-Kawana to achieve the plans as set for the next five years. NamibRe is the only reinsurance company registered in Namibia.

It was established in 1998 to promote reinsurance business in Namibia, to sustain local retention capacity of insurance and reinsurance business and to minimise the placement of reinsurance business outside the country. The corporation provides insurance and reinsurance cover of international standard both within and outside Namibia.