Kenya Reinsurance Corporation Limited
Kenya Reinsurance Corporation Limited (Kenya Re) is the oldest Reinsurer in Eastern and Central Africa. It was established through an Act of Parliament in December 1970 and commenced business in January 1971. Kenya Re’s core activity is providing reinsurance services for most classes of business.
Since its inception, Kenya Re has progressively and consistently continued to provide reinsurance services to more than 265 companies spread out in over 62 countries in Africa, the Middle East, and Asia. Kenya Re is committed to offering world-class reinsurance service.
In 2004, the Kenya Reinsurance Corporation Limited made an effort to benchmark its services with international standards by subjecting itself to a rating process by an International rating Agency, A. M Best. It was rated B+ (Very Good). The Corporation has successfully maintained this rating to date. The Corporation is also rated AA by Global Credit Rating (GCR).
Kenya Reinsurance Corporation Limited
Mission and Vision
STATEMENT OF PURPOSE
Seamless stability.
CORPORATE VISION
Global partner in securing risk.
CORPORATE MISSION
We provide risk management solutions that secure the future and create value for stakeholders.
CORE VALUES
- Learning & Innovation
- Integrity
- Service Culture
- Teamwork
- Objectivity
- Good Corporate Citizenship
Kenya Reinsurance Corporation Limited Objectives
1. To be Africa’s best source of reinsurance security and service provider.
2. To increase gross premiums from new and existing markets.
3. To improve returns on assets.
4. To provide international customer service standards.
5. To promote professionalism and ethics in the insurance industry
Kenya Reinsurance Corporation Limited Vision
To be the reinsurer of choice in our chosen markets.
Kenya Reinsurance Corporation Limited Mission
To provide quality reinsurance and insurance services to our clients in Africa, the Middle East, and Asia. In doing this, the Corporation shall:
- Be Customer-focused and committed to growth, profitability and satisfactory returns to our shareholders.
- Engage in modern technology that ensures the efficiency of our systems and procedures.
- Attract, develop and retain a pool of qualified and experienced staff that ensures we retain a competitive edge.
- Endeavor to be socially responsible and environmentally conscious by observing high ethical standards in all our business practices.
Kenya Reinsurance Corporation Limited Governance
Corporate governance is the process and structure by which companies are directed and controlled and held accountable in order to achieve long term value to shareholders taking cognizant of the interest of other stakeholders.
The Board of Directors of Kenya Reinsurance Corporation Ltd is responsible for the governance of the Corporation and is accountable to the shareholders for ensuring that the Corporation complies with the law and the highest standards of business ethics and corporate governance.
Accordingly, the Board attaches very high importance to the generally accepted corporate governance practice and has embraced the internationally developed principles and code of best practice of good corporate governance.
Board of Directors
The roles and functions of the Chairman and the Managing Director are distinct and their respective responsibilities clearly defined.
The Board comprises of eight directors of which seven of them are independent non-executive including the Chairman.
The Board defines the Corporation’s strategies, objectives, and values and ensures that procedures and practices are set in place to ensure effective control over strategic, financial, operational and compliance issues. The directors bring a wealth of experience and knowledge to the Board’s deliberations.
Except for direction and guidance on general policy, the Board has delegated authority of its day-to-day business to the Managing Director. The Board nonetheless is responsible for the stewardship of the Corporation and assumes responsibilities for the effective control over the Corporation.
The Corporation Secretary advises the Board on all corporate governance matters and statutory requirements as well as attends all the Board meetings.
Board Meetings
The Board holds meetings on a regular basis while special meetings are called when it is deemed necessary to do so.
Committees of the Board
The Board has set up principal committees that meet under well-defined terms of reference set by the Board. This is intended to facilitate efficient decision making of the Board in discharging its duties and responsibilities.
Creating Shareholders’ Value
In order to assure the shareholder of the commitment to activities that create and enhance shareholder value, the Board signs a performance contract and continues to perform an annual evaluation exercise to review and audit its role and success or otherwise to meet the challenges envisaged at the beginning of each year.
Kenya Reinsurance Corporation Limited Products And Services
Background Information
Backed with professionally qualified and Experienced Technical staff, Kenya Re offers Reinsurance and risk management solutions to its clients both locally and internationally.
With our focused tag line, “Strength and Wisdom beyond borders” our reinsurance services are spread out in more than 265 Companies covering 62 countries in Africa, the Middle East, and Asia.
Kenya Re Non-Life
“ In addition to offering the traditional non-life…”
Security opinion
To prove our financial strength to our clients, we made efforts to Benchmark our services with International Standards by subjecting ourselves to a rating process by A.M. Best Rating Agency who rated our financial strength at “B+” and an Issuer Credit Rating of BBB-. The outlook for both ratings is stable. We have also been rated by Global Credit Rating Agency “AA” for domestic claim paying ability and BB+ for international claim paying ability.
Our Broad Objective
Focused to increase our Gross Premium by being the best source of Reinsurance with a keen eye to providing International Customer Service Standard and also promote professionalism and Work ethics in the Insurance Industry.
Products And Services
Kenya Re since inception has provided traditional reinsurance products, developing very competent and experienced technical capacity in writing both Life and Non-life insurance. This allowed us to provide our clients with financially sound risk transfer solutions in all lines of business. In addition to offering the traditional non-life products like fire, accident, liability, motor and life classes, Kenya Re recognizes the changing needs of its clients in the constantly changing world and has invested heavily in research and innovation. We tailor make risk solutions for our individual client needs. We are also keeping in touch with and providing solutions to emerging risks like cyber and terrorism covers.
Kenya Re offers risk management services to our clients. We organize major risks to be surveyed in an effort to minimize losses. Where losses have occurred, we assist in claims adjustments. In Risk assessment, Kenya Re has both experience and expertise to understand the risks associated with the insurance risks and products.
We also carry out technical seminars to our clients. We have programs where we train clients in their respective countries and also invite them over for training in Kenya. Our expertise is both in life and Nonlife business.
We also do Pricing and Product development.
Currently, we are the Regional Managers for;
- Organization of East & Southern Africa Insurers (ESAI)
- National Bureau of COMESA Yellow card scheme
- National Surety for Regional COMESA Transit Guarantee (RCTG)
New products
We do live in a continuously changing world e.g. great economic and demographic forces are at work in our societies, and business is becoming more complex, and customers are becoming risk-averse. Change creates demand for insurance products.
Kenya Re is always alert with the global phenomenon changes and we are actively assessing our client development needs and address this by providing for them up front.
Following 2007 post elections violent in Kenya, Kenya Removed fast to provide cover on political risk.
Demands from our Muslim clients for sharia-compliant insurance and investment products have moved us to develop Retakaful, backed with a sharia-compliant advisory board.
Climatic change has led us to Agriculture and Livestock Insurance not forgetting Medical Insurance. In all this, our underwriting experts are up to the task with competitive pricing.
To support service delivery, Kenya Re has been structured into departments that are highly specialized in their key areas of focus.
Retakaful
Just like insurance and reinsurance, Takaful policyholders are individuals, businesses and organizations, while those who seek Retakaful services are Takaful business entities. The existence of a handful of Takaful insurance companies in the region resulted in the Retakaful business experiencing a slow take-off. Takaful providers had no choice but to work with conventional reinsurance companies. However, this is now changing after the establishment of Takaful Company of Africa Ltd in Kenya, a fully-fledged Takaful operator. There are now two fully Shariah-compliant banks and several commercial banks with Takaful compliant windows. The Corporation works with the Gulf African Bank. Our Sharia-compliant Retakaful covers are founded on Mutual co-operation, Shared responsibility, Joint indemnity, Common interest and solidarity, Common ownership of assets and Common ownership of risks.
A Sharia Advisory Board was appointed to guide, monitor and supervise the Retakaful business and ensure compliance with Sharia rules and principles. A separate investment structure has been created to ensure compliance in terms of investment vehicles and handling of any surpluses.
Oil and Gas
All eyes are set on East Africa following the discovery of oil in Uganda and Kenya, and discovery of gas along the Mozambique and Tanzanian coast. Kenya has discovered oil in two out of the current 46 gazetted commercial blocks. This will put Kenya in the league of other oil and gas producing countries and form part of the country’s economic activity.
Kenya Re has taken lead in providing reinsurance capacity and technical expertise to both local and international markets. This improves the product and service component of the local insurers and instills confidence to the investors who in most cases procure oil gas insurance from foreign insurers due to lack of satisfactory local content. The Corporation has put in place strong retrocession programs to protect its balance sheet against large and catastrophic losses emanating from oils and gas risks which include:-
• Construction Erection “All Risks”
• Delay in Start Up, Operational “All Risks”
• Business Interruption / Operators Extra Expenses
• Sabotage and Terrorism
• Marine Cargo Insurance
• Directors’ and Officers’ Liabilities
• Employers Liability
• General Third Party Liability
• Environmental Impairment Liability
• Automobile Liability.
As a national Reinsurer, Kenya Re has continued to work with the local insurance industry to provide reinsurance cover to the insurance companies that provide insurance cover to major government projects. The Corporation has therefore continued to increase retention capacity thus reducing the need to purchase reinsurance cover from external reinsurers. This being an emerging risk, the insurance sector has a perfect opportunity to tap into this wealthy resource that is expected to bring economic stability and create employment.
Market Seminars and workshops
We share our knowledge with our clients through scheduled seminars and workshops. These forums also provide us with an opportunity to share our clients’ experiences and needs upon which we use to design products.
KENYA RELIEF
We are the leading provider of reinsurance to Life Insurance companies. With specialist knowledge of Life products, we offer tailored and sustainable reinsurance solutions to cedants. We give Coverage for claims, advice Insurers as regards Underwriting, Pricing, and Development of New Products.
Corporate Governance
Corporate Governance is the set of processes and organizational structures through which the Board and the Senior Executive manage a company at the highest level.
Kenya Re has embraced the concept of Corporate Governance revolutionizing the management styles for better achievement of the desired results and core value activities in meeting stakeholders’ expectations and requirements.
Core Values
Our success in Satisfying and sustaining our clients wholly depends upon our commitments and adherence to the organization core values. More on our Core Values
Corporate Social Responsibility (CSR)
Stakeholders’ expectations are increasingly focused on how the company performs and behaves in relation to society or the environment, either just locally to its operations or in the wider world.
To meet this recent, but has been in existence and hidden under the carpet phenomenon, Kenya Re has quickly grasped and seen the need to stand out in providing for the society and the environment. A strategy has been put in place that expounds on the key parameters to achieve this.
We have identified those amongst us living with various disabilities and made them the focus of our current social responsibility, through our ‘NIKO FITI’ campaign. This campaign is aimed at encouraging them to make an independent life despite their shortcomings, giving them dignity and providing them with assistive devices to enable them to live normally. More on CSR
Service Charter
Our service charter is the roadmap to our quality and satisfying services to our customers
It is an expression and manifestation of our commitment to providing lasting solutions to our customers and fosters a close relationship with all our customers within and beyond bounders.
Kenya Reinsurance Corporation Limited Contacts
Company Name: Kenya Reinsurance Corporation Limited
Postal Address: P.O. Box 30271 – 00100, Nairobi
Phone: 254 20 220 2000
Fax: 254 20 252 106
Website: www.kenyare.co.ke/
Kenya Reinsurance Corporation Limited Branches
Kenya Reinsurance Corporation Ltd. Head Office
Reinsurance Plaza, Nairobi, Kenya,
Tel: +254 20 2202000, +254 703 083 000,
Email: kenyare@kenyare.co.ke, or
info@kenyare.co.ke
Property Investment Management Offices
Nairobi – Anniversary Towers
Tel. +254703 083 374/ +254 703 083 372
Email: kenyare@kenyare.co.ke
Nairobi – Kenya Re Towers Upper Hill
Tel. +254 703 083 373
Email: kenyare@kenyare.co.ke
Kisumu – Reinsurance Plaza
Tel:+254 703 083 358/ +254 703 083 353
Customer Complaints
Customer Complaints Lines – Nairobi
Tel:+254 703 083 210/+254 703 083 212
Email: complaints@kenyare.co.ke
Corruption Reporting
Corruption Reporting Lines – Nairobi
Tel:+254 703 083 241/+254 703 083 303
Email: corruption@kenyare.co.ke