SAHA Re plans Africa expansion

New entrant into the reinsurance industry, SAHA Reinsurance (SAHA Re) Company, intends to use Botswana as a springboard into the pan-African market.

SAHA Re, which is domiciled in the country, says it will leverage on the country’s competitive qualities which include stable political environment, good sovereign rating of BBB+ stable, good environment for investment, reasonable tax regimes, good foreign exchange market, stable currency, good location to access the southern Africa market.

Established three months ago, the company on Wednesday emphasized its plans to expand its footprint within the region and across Africa.

“We will seek to expand into the East African and West African market with Botswana handling the southern African market,” said Steve Okundi Olweya, SAHA Re Chief Executive Officer at the launch of the company in the capital Gaborone.

Olweya said the company has already been able to provide support to cedants from Botswana, Ghana, Kenya, Eswatini, Zambia, Uganda, Tanzania and Senegal, among others.

“These are mainly facultative businesses,” said Olweya.

Meanwhile, Botswana Short Term Insurance Underwriters Association (BSTIUA) has implored SAHA Re to create resilience and sustainability in

Botswana and the African market.

“Botswana is ideal among the southern African countries, not only because of the central location, but also due to the conducive business environment, including favourable taxation arrangements and access to funds generated by the business,” said BSTIUA Chairperson, Patience Marwiro.

She said with the ratification of the African Continental Free Trade Area (AfCFTA), business opportunities for Botswana based companies have moved to an estimated 3.4 trillion US dollars, and serving 1.4 billion people.

“It’s a good time to be in business,” said Marwiro.