Prima Reinsurance has announced the appointment of Brian Musonda as a Director on its board, according to a statement from the company.
“Pursuant to section 3.59 of the LuSE Listings Requirements, the Board of Directors (the “Board”) of Prima Reinsurance PLC (“Prima Re” or the “Company”), wishes to announce the appointment of Mr. Brian Musonda as Director effective 13th September 2019”, read a statement issued by Choice Corporate Services Limited who provides Prima Re’s company secretary services through an outsourcing contract on 17th December 2019.
The effective date of the appointment was actually 13th September 2019, according to the SENS announcement. This was another late delivery of information to the market in 2019. Investors and stakeholders in the company will recall that Prima Reinsurance suffered a setback in the publishing of its annual results. This led to the postponing of the annual general meeting in April 2019. When the results finally came, Prima Re in 2018 recorded a 13% contraction in Gross Written Premium (GWP) amounting to ZMW 33.182 million compared to ZMW 38.44 million in the previous year.
“Mr. Musonda is a Chartered Accountant and a holder of MBA Finance and Accounting with over 16 years of work experience in both the private and public sector with particular proficiency in investment analysis, treasury management, and credit analysis”, further read the SENS Announcement. “He is a Fellow of the Association of Chartered Certified Accountants (ACCA) and Zambia Institute of Chartered Accountants (ZICA)”.
Brian will no doubt hit the ground running as he assesses the performance of his new home. Based on the last financial year results, Prima Re’s balance sheet decreased with total assets recorded at ZMW 57.70 million from ZMW 65.66 million in the previous year as a result of the impairment loss. Another area that Brian will be looking into is the changing legislation around insurance that Government had announced earlier in the year. The draft insurance Bill which was presented in 2018, improved and strengthened the legal framework for the insurance industry. Over the previous years, there has been great concern about the amount of premiums that are being taken out of the country through reinsurance, as a result, leaving the capacity of the local reinsurers largely unutilized. Through the draft Insurance Bill, there is hope that the loophole will be sealed hence growing the local market and enhancing the retention of premiums locally for the benefit of the economy.