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Finance
PENSIONS AND INSURANCE
AUTHORITY
PRIMA REINSURANCE PLC
Exhilda Lumbwe
Managing Director
Plot 13/62 Central Street
Postnet Box 658 or Postal Bag E 891 Lusaka
Tel: +260-211-292939
Fax: +260-211-290323
primare@zamnet.zm
www.prima-re.com
Prima Reinsurance Plc (Prima Re) was incorporated
on the 11th of August 2006 as a public limited com-
pany (Plc). Prima Re is fully owned and promoted
by a group of Zambian Professionals and business
entrepreneurs. The Pensions and Insurance Author-
ity of Zambia (PIA) licensed the company in Decem-
ber 2006 to offer reinsurance services in respect to
the non-life insurance business. Prima Re is the first
Zambian reinsurance company in the market and
was officially launched in May 2007 by the Minister
of Finance and National Planning. Prima Re can be
found listed on the Lusaka Stock Exchange (LuSE).
The Securities and Exchange Commission approved
the registration of Prima Re shares on 20th December
2007 and the Company was quoted on the second
tier market of the LuSE effective 21st December 2007
under the abbreviated name “Prima Re”.
The primary shareholders of Prima Re are: the Na-
tional Pension Scheme Authority (NAPSA), Madison
General Insurance company Limited, Madison Life
Insurance company Limited, Investrust Bank Plc,
Insurance Brokers Association of Zambia (IBAZ),
Outnet Marketing Limited, and other institutions and
individuals.
Prima Re accepts treaty and facultative business in
the following classes: Fire, Engineering, Marine, Avia-
tion, Motor, Miscellaneous Accident, and Agriculture.
Prima Re is a result driven company. It is paramount
for the company to provide quality services and meet
its targets. They aim to provide professional and
exceptional reinsurance services, to be a leading
reinsurance company in the region, and to attain in-
ternational recognition. In Prima Re’s efforts to attain
real growth in order to meet client and shareholders’
expectations, they are supporting and promoting re-
gional economic development through their activities,
which promote the growth of the national underwriting
capacity.
Prima Re’s half-year results for 2010 show a growth in
premium income of 34% over the same period in the
previous year. The gross premium stood at K5.990
Martin Libinga
Registrar
Stand No. 204 Jesmon-
dine (4th Street, off of Central Street)
Postal Bag 30X Ridgeway Lusaka
Tel: +260-211-290088
Fax: +260-211-293-530
mlibinga@zamnet.zm
www.pia.org.zm
The Pensions and Insurance Authority (PIA) is the
regulatory and supervisory authority for the pensions
and insurance industries in Zambia. The Pension
Scheme Regulation Act no. 28 of 1996, and the In-
surance Act No. 27 of 1997 (both as amended by
Act No. 26 of 2005) helped form the PIA. Prior to the
enactment of the Act No. 27 of 2005, PIA existed as
‘Office of the Registrar of Pensions and Insurance’
under the Ministry of Finance and Planning. Follow-
ing the enactment of Act No. 27 of 2005 the Authority
became a separate entity.
PIA’s mission is to regulate the conduct of the pen-
sions and insurance industries through prudential
supervision in order to protect the interest of pen-
sion scheme members and insurance policyholders
and to foster the industry’s growth, development and
stability. They aim to maintain internationally accept-
able supervisory and regulatory standards and good
corporate governance practices in pensions and in-
surance.
As the regulatory authority for the pensions and
insurance industries, PIA’s core functions include
licensing, registration, prudential regulation, super-
vision, formulation and enforcement of standards
of conduct for the industry. The PIA also seeks the
protection of pension members and policyholders,
in addition to advising the government on insurance
matters regarding national assets and properties.
“I want to see PIA as an Authority that offers maxi-
mum protection to policy holders, pension scheme
members and the various entities that we regulate.”
Martin Libinga
Registrar